Established on 1 July 1961, it has its head-offices at Sir Chittampalam A. Gardiner Street in Colombo.

The bank offer both retail and corporate banking services, with a network of 739 local branches, service centers and has an asset base of LKR 1.873 trillion (2019) with over 14 million customers.

[5] India has extended multiple credit lines and currency support to Sri Lanka, aligning with its policy of prioritizing neighboring nations and fostering strong relationships as a friendly neighboring country.

[6] People's Bank was inaugurated on 1 July 1961, by T. B. Ilangaratne, Minister of Commerce, Trade, Food, and Shipping.

[9] New innovations likewise permitted the direct connecting of Visacards with individual financial balances.

Most urban area branches converted to digital banking protocol.

[14] The People's Bank was blacklisted by the Chinese government on 29 October 2021 due to dispute over fertilizer imports from China.