TFC Compensation second stage from July 2 | Daily News


TFC Compensation second stage from July 2

The Central Bank of Sri Lanka (CBSL) will commence the second stage of compensation payments to depositors of The Finance Company PLC (TFC) from July 2, 2020. Accordingly, such payments will take place at 63 branches of the People’s Bank, the Central Bank said. This compensation mechanism is based on Rs. 600,000/- per depositor.

Upon cancellation of the finance business license of TFC by the Monetary Board of the Central Bank of Sri Lanka, compensation payments to the depositors/legal beneficiaries of depositors of the TFC from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) commenced on June 7.

Accordingly, under the first stage of the payment mechanism, compensation payments to individual depositors who maintained only one account i.e. nearly 105,000 depositors in total were implemented. Under the second stage of the mechanism approximately another 38,000 depositors will be eligible to receive compensation.

The CBSL has taken all required measures to ensure that the compensation procedure is implemented in an efficient and effective manner. The People’s Bank has been appointed as the Agent of the CBSL to execute compensation program expeditiously.

The depositors of TFC are requested to extend their maximum cooperation towards this compensation program by submitting originals of deposit certificates, identification details and other required documents.

In respect of joint accounts, minor accounts, deposits converted into shares and deposits maintained in the names of corporates and societies, deceased depositors and depositors living abroad, the instances where loss of original deposit certificate/pass book, the absence of required identification documents etc., it will be required to submit affidavits, special forms and confirmations obtained from TFC as specified by the Peoples Bank. The depositors of TFC are requested to abide by such instructions to make the compensation programme a success.

Further details on the compensation scheme can be obtained from the following telephone numbers. People’s Bank: 0112-481594, 0112-481320, 0112-481612, 0112-481703; Central Bank of Sri Lanka: 1112 398 788, 1112 477 261

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