People’s Bank says an exchange rate error in one of its remittance systems resulted in certain customers receiving excess payments over nearly three years, with the bank estimating the financial impact at approximately Rs. 656 million.
In a statement, the state-owned bank said the issue related to the application of exchange rates in one currency within a specific remittance system and affected transactions from May 2023 to March 2026.
The bank said the error was recently identified and has now been fully rectified.
Following the discovery, People’s Bank said it launched an internal review, strengthened operational controls, and is consulting with regulatory and supervisory authorities, including the Central Bank of Sri Lanka.
According to the bank, the estimated loss of Rs. 656 million has already been fully recognised in its financial statements, and no further financial impact is expected.
People’s Bank also said it has begun recovery processes concerning the affected transactions and has already made progress in recovering funds from relevant customers.
The bank sought to reassure customers that its day-to-day operations, digital services, and deposits remain unaffected, noting that the incident has no material impact on its overall financial stability. It cited an asset base of approximately Rs. 3.8 trillion. (Newswire)