People’s Bank Issues Statement Over Technical Error in Money Transfer System
People’s Bank has issued an official statement regarding a technical error that occurred within a specific money transfer system, which resulted in a financial loss.
According to the bank, certain customers received amounts exceeding their actual entitlement due to an exchange rate calculation error that occurred during the period from May 2023 to March 2026. However, the bank stated that the issue has now been fully identified and corrected.
In its statement, the bank further noted that a comprehensive internal review was immediately launched after the error was discovered, and operational controls have since been strengthened.
The matter is currently being reviewed under the guidance of regulatory and supervisory authorities, including the Central Bank of Sri Lanka.
People’s Bank estimated the financial loss caused by the error at approximately Rs. 656 million. The bank also clarified that this amount has already been fully accounted for in its financial statements for the relevant periods, and no further financial impact is expected.
The bank further stated that legal procedures have already been initiated to recover the excess funds that were mistakenly transferred to customers.
Despite the incident, People’s Bank emphasized that the issue has not affected the bank’s overall financial stability, profitability, or the security of customer deposits.
The bank also assured customers that its daily operations and digital banking platforms continue to function normally without disruption.
With an asset base of nearly Rs. 3.8 trillion, People’s Bank reaffirmed its commitment to maintaining high standards of operational integrity and customer service.
