|Name of Institution||People's Bank|
|Year of Establishment||Jan 1970|
|Background Information||The People's Bank was inaugurated on 1st July 1961. A few years later the Coopertive Rural Banking Scheme was inaugurated and in 1967 the Bank commenced a new Agriculture Credit Scheme and became a pioneer lender to the small farm sector.
At the start of the 70s, the "Athamaru" Loan Scheme was introduced to finance economic activities in the informal sector which paralleled the launch of the Investment Savings Scheme, a credit linked savng scheme, to attract regular savers. The early 70s also saw the start of a Regionalisation Programme to decentralise the administration and provide speedy customer service. At the same time a Comprehensive Rural Credit Scheme was launched to provide both production and consumption credit facilities.
In the late 1980s, a number of further schemes were introduced targeting rural and agricultural activites. A Special Loan Scheme for rural electrification was implemented in collaboration with the CEB. The Bank also introduced a new Inland Bill Scheme for lending to the rural sector and for financing agricultural activities.
In 1996 the Bank particpated in two ADB funded credit schemes - the Tea Small Holdings Development Project and the Perennial CRops Development Project. In the same year, a Rural Banking Innovation Project was initiated with the collaboration of German Technical Cooperation to provide technical, financial and training assistance for branch operations and to introduce innovative products.
More recently, over the last few years, the second phase of the restructuring plan for 2004-2008 was launched and approved by the Government of Sri Lanka based on the recapitalisation support of ADB. The Bank also obtained the first ever public rating of BBB+ from Fitch Ratings Lanka. Furthermore, the Bank recorded a positive capital value for the first time since 1998 amplifying the turn around of the Bank. It also played a key role in bringing Government granted financial assistance for the rebuilding of lives, homes and businesses affected by the Tsunami of December 2004.|
|Type of Institution||Universal bank|
|Type of Banking License||Under banking law|
|Percentage of Government||100%|
|Total Number of Outlets||324 branches, 300 service centres, 100 ATMs|
|Address||No. 75, Sir Chittampalam, A. Gardiner Mawatha|
|Telephone||No. 75, Sir Chittampalam, A. Gardiner Mawatha|