May 17, Colombo (LNW): People’s Bank has disclosed that a technical issue within one of its foreign remittance platforms resulted in customers receiving excess payments over an extended period, with the estimated financial impact amounting to nearly Rs. 656 million.
In an official statement, the state-owned financial institution explained that the discrepancy stemmed from an exchange rate miscalculation involving a particular foreign currency used within a dedicated remittance processing system. The issue is believed to have affected transactions carried out between May 2023 and March 2026.
Bank officials stated that the problem was uncovered during a recent internal review and has since been fully corrected to prevent any recurrence. The institution added that immediate steps were taken to strengthen monitoring mechanisms and tighten operational safeguards across its digital banking and remittance services.
According to People’s Bank, discussions are also underway with regulatory authorities, including the Central Bank of Sri Lanka, as part of a broader evaluation of the incident and the measures implemented following its discovery.
The bank noted that the full estimated loss has already been accounted for within its financial reports, stressing that no additional financial exposure is currently anticipated. Officials further said recovery efforts are in progress, with a portion of the excess funds already reclaimed from customers linked to the affected transactions.
Seeking to reassure account holders, the bank maintained that the incident has not disrupted normal banking operations, customer deposits, online services or day-to-day transactions. It also emphasised that its overall financial position remains stable, pointing to its asset base of roughly Rs. 3.8 trillion.