Sri Lanka’s People’s Bank says no loans have been written off as claimed in social media
Tuesday May 16, 2023 11:48 am
ECONOMYNEXT – Sri Lanka’s state-run People’s Bank says no loans have been written off as claimed in social media groups.
The full statement is reproduced below:
Relating to recent views expressed on Peoples Bank’s non-performing loan write-offs, as shared in certain social media groups, the Bank’s Management hereby wishes to categorically deny such statements as being true. To save any future doubt, none of the loans so discussed in the said forums have been written off.
- https://economynext.com/sri-lankas-...ritten-off-as-claimed-in-social-media-120682/
- https://english.theleader.lk/biz/4618-no-debts-have-been-written-off-people-s-bank
People’s Bank denies loan write offs
Monday, 7 August 2023 00:10 - - 257
People’s Bank yesterday renewed its denial of writing off non-performing loans.
“We have observed that false information pertaining to People’s Bank’s non-performing loan write-offs is yet again being circulated in certain social media. Periodical resurgence of this false allegation strongly suggests that this news could be a part of a malicious campaign designed to tarnish the image of the People’s Bank,” the bank said in a statement.
“In order to prevent the public from being misled by the aforementioned efforts, the bank’s management wishes to strongly reiterate that none of the loans mentioned in the said false message has been written off,” it added.
- https://www.ft.lk/financial-services/People-s-Bank-denies-loan-write-offs/42-751490
None of the loans discussed recently in public forums have been written off: People’s Bank
Author LBOPosted on May 31, 2022 | Banking and Finance | 2 Comments
In view of the recent discussions in several public forums relating to the Non-Performing Assets (‘NPA’) portfolio of People’s Bank, the Bank has issued a media release setting out the following matters of fact:
• NPAs are loans whose interest and/ or principal have not been duly serviced for a stipulated time period. A mere classification to NPA does not constitute a write-off.
• If/ when a facility is classified as NPA, the Bank commences its due process to recover which includes actions such as follow-ups, negotiations, auctioning, and litigation. In this context, the following points are emphasized for better understanding;
a. A write-off is undertaken only if and after every other avenue for recovery is fully exhausted.
b. The Bank’s portfolio of NPAs consists of those originating/ having been so classified during a period of over two decades.
c. None of the loans discussed recently in public forums have been written off.
• People’s Bank’s NPA portfolio compares well with industry averages.
• As a responsible Financial Services Provider who provides unparalleled security for customer deposits, People’s Bank considers the recovery of NPAs as a matter of utmost priority.
- https://www.lankabusinessonline.com...ic-forums-have-been-written-off-peoples-bank/
