People’s Bank, Sri Lanka’s premier licensed commercial bank has taken steps to further strengthen trade related services with India by opening an Indian Rupee (INR) account with HDFC Bank, India. This account will facilitate executing telegraphic transfers, performing foreign exchange transactions and result in expediting international trade transactions.

Speaking about the partnership, Sujeewa Rajapakse, Chairman of People’s Bank, said, “We are very pleased to partner with the India's leading financial service provider HDFC Bank which has a branch network of over 6000. This will undoubtedly allow us to provide an enhanced range of international banking services to our clients who aspire to capitalize on the huge market opportunity our giant neighbor is presenting”.

Ranjith Kodituwakku, Chief Executive Officer/General Manager of People’s Bank, speaking about the partnership said. “The INR account opened with HDFC Bank will allow us to provide all types of trade-related transactions including remittances and student payments to India. The trust that HDFC’s customers and providers of capital have placed in it over the years has almost become legendary in the Indian corporate world and we at People’s Bank are happy to provide the same service to our customer base that wants to reach the Indian market.”

Established under the People’s Bank Act No 29 of 1961, People’s Bank is the country’s second-largest financial services provider with close to LKR 3.0 trillion in consolidated assets. At present, the Bank has 743 branches and service centers located island wide and over 14.5 million customers. The Banker Magazine (UK), identified People’s Bank as among the Top 1000 Banks in the World.