The Finance Company depositors to get compensation from CBSL | Daily News


 

The Finance Company depositors to get compensation from CBSL

The Central Bank of Sri Lanka (CBSL) has taken steps to pay compensations up to Rs.600,000 to all insured depositors of The Finance Company PLC (TFC) as per the Regulations of Sri Lanka Deposit Insurance and Liquidity Support Scheme.

The balance amount if any, will be settled after liquidation of properties belong to TFC. The compensation payments will be made through the People’s Bank as the agent bank appointed by CBSL for this purpose. The first phase of the compensation payment for the individual depositors having a single deposit, will be commenced on June 7, 2020 at People’s Bank branch locations where TFC branches were previously operated.

The license issued to The Finance Company PLC (TFC) to carry on finance business has been cancelled with effect from 22.05.2020 in terms of the provisions of the Finance Business Act No. 42 of 2011. Further details in this regard can be obtained from Central Bank and Peoples bank selected branches.


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