People’s Bank Issues Statement on Exchange Rate Error

People's Bank wishes to inform the public that an error relating to the application of exchange rate in one currency within a specific remittance system which resulted in certain customers receiving excess amounts during the period from May 2023 to March 2026, was recently identified and has since been fully rectified.

Upon detection, the Bank immediately initiated a detailed internal review and strengthened the relevant operational controls. The matter is currently being reviewed in consultation with the appropriate regulatory and supervisory authorities including the Central Bank of Sri Lanka in keeping with the Bank's commitment to transparency and sound governance.

The estimated financial impact emanated from this matter amounts to approximately LKR 656 million, which has already been fully recognized in the Bank's financial statements during the aforementioned period. Based on current assessments, no further financial impact is anticipated.

The Bank has also commenced the relevant recovery processes in respect of the affected transactions and made progress with its recovery from the respective customers.

People's Bank wishes to reassure all customers and stakeholders that its day-to-day banking operations, digital platforms, and customer services continue to function normally and without interruption. Given the Bank's strong financial position and asset base of approximately LKR 3.8 trillion, this has no material impact on the Bank's overall financial stability, profitability, or the safety of customer funds and deposits.

As an institution with a long-standing commitment to trust, stability, and responsible banking, People's Bank remains focused on maintaining the highest standards of operational integrity, governance and customer service.