Clarification regarding an IT System Upgrade at People’s Bank

People's Bank has issued a statement seeking to address and clarify a recent allegation insinuating that an improper transaction is taking place pertaining to an IT system upgrade at People's Bank.

These allegations are entirely unfounded, and the bank categorically denies any involvement in any improper activity, it said on Thursday.

People's Bank emphasised the following facts.

• The core banking IT system currently in use was first implemented in 2004 and has been pivotal in cementing People's Bank’s leadership in the digital banking sphere.

• In keeping with our commitment to progress and the need to leverage cutting-edge technology, the bank upgrades all its IT systems from time to time.

• Accordingly, the bank is in the process of evaluating a proposal to upgrade its core banking IT system to further improve technology, operational efficiency and offer enhanced services to customers.

• The technical discussions and evaluations relating to this proposal are still ongoing as per prudent and standard procurement practices.

• No agreements have been signed and no monetary transactions have been committed with any party in relation to the above proposal.

“People's Bank remains committed to upholding the highest standards of integrity, transparency, and governance in all of its operations,” the bank said.