Central Bank starts increased compensation to finance company depositors

Friday, 9 April 2021 00:00 - - {{hitsCtrl.values.hits}}

The Central Bank (CBSL) has commenced payment of the increased compensation amount of Rs. 500,000 under the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS), to the depositors of failed finance company, it said in a statement yesterday.

The depositors/relevant legal beneficiaries of Central Investments and Finance Ltd. (CIFL), The Standard Credit Finance Ltd. (TSCFL), TKS Finance Ltd. (TKSFL), The Finance Company PLC (TFC), ETI Finance Ltd. (ETIFL) and Swarnamahal Financial Services PLC (SFSP) will receive the payments.

Accordingly, the depositors/relevant legal beneficiaries of CIFL, TSCFL and TKSFL are being paid directly by the CBSL upon receipt of consent forms along with the required documents specified in the CBSL press notice issued on 4 April. The compensation to depositors/relevant legal beneficiaries of TFC, ETIFL and SFSP will be paid through the island wide branch network of People’s Bank, the Agent Bank appointed by CBSL for this purpose. The depositors/relevant legal beneficiaries of ETIFL can collect their compensation from today onwards, while the depositors/relevant legal beneficiaries of TFC can collect their compensation from 12 April onwards from the People’s Bank. Payment of increased compensation to depositors/relevant legal beneficiaries of SFSP will commence shortly.

For the benefit and convenience of the depositors/relevant legal beneficiaries of ETIFL, People’s Bank has agreed to keep their branches open for compensation payments tomorrow from 9 a.m. to 2 p.m. The eligible depositors/relevant legal beneficiaries should collect their claims from any People’s Bank branch commencing from 09April or 12 April by producing the relevant documents. You are advised to avoid gathering in large numbers at the People’s Bank premises and to comply with the health guidelines.

For further inquiries, contact CBSL Director - Resolution and Enforcement Department, Colombo 1 via Tel: 0112 477 000 / 0112 477 261 / 0112 398 788