PBOC Is A State-owned Commercial Bank In Sri Lanka. The Second Largest Commercial Bank In Sri Lanka. It Was Established On July 1, 1961 And Is Headquartered In Sir Chittampalam A. Gardiner Street, Colombo. The Bank Provides Retail And Corporate Banking Services With A Network Of 739 Local Branches, Service Centers, An Asset Base Of 1.873 Trillion Sri Lankan Rupees (2019), And Has More Than 14 Million Customers. (70% Local Customers) PBOC Is Rated AA + By Fitch Ratings With A High National Long-term Rating. PBOC Is The Most Awarded State-owned Enterprise Such As "Green Plus", "Carbon Conscious Award". The People's Bank Became The Best Performing Bank In Sri Lanka. The Bank Mainly Targets Small And Medium-sized Enterprises. India Has Extended A Number Of Credit Lines And Monetary Support To Sri Lanka In Line With Its Policy Of Giving Priority To Its Neighbours And Building Strong Relations As A Friendly Neighbour.
History
The People's Bank Was Inaugurated On July 1, 1961 By The Minister Of Commerce, Trade, Food And Shipping, T.B. Ilangaratne. The First Branch Was Opened On Duke Street In Colombo.
Expansion In Colombo
Branch Banking In The Area Was Considered In Colombo's Regulations In 1961. Soon After, T.B. Ilangaratne Proposed New Banking Operations And Opened The Bank's First Branch Outside Colombo In Kandy In 1962. By 1977, The Bank Had 50 Financial Workplaces In The Western Province.
After The People's Liberation Front Uprising In 1971, The Bank Launched A Rural Credit Scheme To Provide Small Loans To Peasant Groups And Small Businesses.
In 1982, The People's Bank Of China Operated More Than 300 Branches With 10,000 Employees.
In 1984, The People's Bank Of China Acquired The People's Bank Of Commerce, With Branches In The International Department And Foreign Branches In Fort
Expansion Outside Colombo
Following The Passage Of The Banking Act 1988 By The Government Of Sri Lanka, The People's Bank Of Commerce Bank Was Established To Make Claims And Operate Against The People's Bank And Its Affiliates. In 1989, With The Support Of The Ministry Of Labour, The People's Bank Expanded Outside Colombo, Arranging Provident Funds Outside Colombo.
New Innovations Likewise Allowed The Direct Connection Of Visacards With Personal Financial Balances. In 1990, The Bank Launched The People's Card, Which Was Renamed PET In 1991. In The Same Year, The Company Successfully Installed The First ATM In Colombo.
The Company Lost More Than Rs 2 Billion In 2019 Due To Mismanagement And Government Corruption, The Former Chairperson Said.
The Asian Development Bank Awarded The Bank The "Trade Deal Of The Year" Award In 2020. In November 2020, The Company Reported Total Assets Of Rs 2.10 Trillion. The Company Serves 200 Island-wide Self-service Banking Units. Most Of The Urban Area Branches Have Been Converted To Digital Banking Protocols.
A + (lka) Fitch-rated People's Leasing & Finance PLC Is A Wholly Owned Subsidiary Of The People's Bank Of China. (Holding > 75%) It Is A Leading Finance And Leasing Company In Sri Lanka. The People's Leasing Corporation Was Established In 1996. It Is The Highest Rated Non-bank Financial Company In Sri Lanka.
The World Bank Launches A Loan Program To Local Industries. It Is Called "Made In Sri Lanka". Its Goal Is To Support Small And Medium-sized Enterprises.
The People's Bank Of China Was Blacklisted By The Chinese Government On October 29, 2021 Due To A Dispute Over The Import Of Fertilizers From China.
Bank Account
The People's Bank Of Sri Lanka Offers A Wide Range Of Bank Accounts, Including Trading And Savings Accounts, Time Deposits, And Overseas Accounts.
Leasing And Finance
People's Leasing And Finance PLC Is An Auxiliary Institution Of The People's Bank Of China And A Pioneer In Currency Management In Sri Lanka That Offers Some Incentives
