People’s Bank untainted since its inception, gets blacklisted for complying with Court Order?

People’s Bank untainted since its inception, gets blacklisted for complying with Court Order?

Written by Zulfick Farzan

31 Oct, 2021 | 12:02 am

COLOMBO (News 1st); Sri Lanka’s People’s Bank had honoured an order issued by the Commercial High Court preventing them from processing the payment to Qingdao Seawin Biotech Group Co., Ltd. for a fertilizer shipment that did not meet local specifications,

The People’s Bank of Sri Lanka was then blacklisted by the Economic and Commercial Office of the Chinese Embassy in Sri Lanka for failing to make the payment according to the Letter of Credit and the contracts between two parties.

It is important that Sri Lankans fully understand the reasons that led to blacklisting of a State Bank that had won the hearts of the people.

This is a brief report on Peoples Bank filed by News1st.

The Peoples Bank that was established on the 1st of July 1961, has been pivotal in developing the financial sector in Sri Lanka.

Since its inception the Peoples Bank identified the pulse of the people and supported them to meet their financial needs across a multitude of sectors.

The loan scheme introduced by the Peoples bank in 1967 was one that was designed with the people’s welfare at heart. (Agriculture Credit Scheme of 1967)

This state bank came to the aid of the general public during trying times like the civil unrest in 1983.

The bank worked towards ensuring the safety of the savings of the general public.

The People’s Bank also plays a pivotal role at present in providing financial facilities for Sri Lanka’s import and export sector.

The People’s bank was the main financial partner in many large scale private sector infastructure development projects as well.

The Bank rendered a yeoman service to the nation during the COVID-19 pandemic.

The dedication and devotion of the employees at the Bank is evident by the fact that the bank was recognized as one of the top 1000 banks in 2020.

Some of the most recent achievements of the People’s bank includes being recognized as one of the 400 largest banks in Asia, and being recognized by the International Chamber of Commerce of Sri Lanka and the Chartered Institute of Management of Sri Lanka as the Best Digital Bank in Sri Lanka and also one of the Most Valuable Companies in Sri Lanka.

How did such a highly recognized bank fall into China’s Blacklist?

This was not a result of the Bank’s financial standing or any irregularity. The Bank was blacklisted for honouring an order issued by a court in Sri Lanka.

What is unfortunate is that the relevant authorities have not been able to stand up against the foreign forces that scarred the good name of this reputed bank.

Isn’t the move of the the Chinese Embassy to blacklist such a reputed local bank for honouring an order issued by a court of law, an insult to not only the People’s bank but also the general public of Sri Lanka?

Although China Blacklisted the Peoples Bank, Sri Lankan authorities have still not been able to blacklist the Chinese company (Qingdao Seawin Biotech Group Co., Ltd.) that sent fertilizer contaminated with bacteria to Sri Lanka.

Against such a backdrop, the people of this country are concerned as an internationally reputed local state bank has been scorned by a foreign entity.

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