Press briefing of Cabinet Decision taken on 2017-06-06

Strengthening of the Capital of the People's Bank by Rs.5.0 Billion

- A period of about 55 years have been elapsed by now, since the commencement of the People's Bank and the total consolidated assets owned by the Bank as of now has increased up to Rs.1.4 trillion. It has been ranked as the 387th Bank among the Asian Banks and according to domestic grading the Bank is also the second largest Bank in the country. Presently, the Bank has a total of 737 service centres and the total customer accounts are close upon Rs.18.0 million. Considering the regulations existing in the Field of Banking, supervision and the risks involved, the proposal made by Hon. Kabir Hashim, the Minister of Public Enterprise Development to increase the Capital of the People's Bank by Rs.5.0 billion under the monitoring of the Central Bank of Sri Lanka to suit the standards set by the Basel III Committee for the regulation of the Capital Assets of the Banks, was approved by the Cabinet.