People’s Bank has announced the identification of an error related to the application of exchange rates for one currency within a specific remittance system, which led to some customers receiving overpayments from May 2023 to March 2026. This issue has now been fully resolved.
Following the discovery of the error, the Bank promptly launched an extensive internal investigation and enhanced its operational controls. The situation is currently under review in collaboration with relevant regulatory bodies, including the Central Bank of Sri Lanka, reflecting the Bank’s dedication to transparency and effective governance.
The financial implications of this issue are estimated to be around LKR 656 million, which has already been accounted for in the Bank’s financial records for the specified period. Current evaluations suggest that no additional financial repercussions are expected.
In addition, the Bank has initiated the necessary recovery processes for the affected transactions and is making headway in reclaiming funds from the respective customers.
People’s Bank assures all its customers and stakeholders that its everyday banking operations, digital services, and customer support are functioning smoothly and without disruptions. With a robust financial standing and an asset base nearing LKR 3.8 trillion, this incident does not significantly impact the Bank’s overall financial health, profitability, or the security of customer funds and deposits.
As a reputable institution committed to trust, stability, and responsible banking practices, People’s Bank continues to prioritize the highest standards in operational integrity, governance, and customer service.
