People's Bank has officially announced a significant financial impact stemming from a technical error in its remittance system. The error, which occurred between May 2023 and March 2026, involved an incorrect exchange rate calculation for a single currency, leading to certain customers receiving excess payments. The state-owned bank estimates the total financial impact of this oversight to be approximately Rs. 656 million. People's Bank has confirmed that the technical fault has been fully rectified and has initiated efforts to recover the overpaid amounts.
The Pulse
EconomyPoliticsSunday, May 17, 2026
People's Bank Reports Rs 656 Million Loss Due to Exchange Rate Error
TLDR
People's Bank lost Rs 656M from remittance exchange error.
Error May 2023-March 2026 caused customer overpayments.
System fixed; bank recovering Rs 656M overpaid amounts.
Central Bank guides People's Bank investigation.
Story Update
Update #2\u00b7 May 18 · 12:32 AM