TFC depositors to be paid from Sunday: CB

Friday, 5 June 2020 02:34 -     - {{hitsCtrl.values.hits}}

  • CB appoints People’s Bank as agent bank
  • Single deposit holders of TFC to get payments first
  • Payments to be made at People’s Bank branch locations where TFC branches were earlier operational

The Central Bank yesterday said it would begin payments to depositors of The Finance Company from Sunday and has appointed the People’s Bank as the agent bank to carry out the compensation process.

The license issued to The Finance Company PLC (TFC) to carry on finance business was cancelled with effect from 22 May in terms of the provisions of the Finance Business Act No. 42 of 2011.

“The Central Bank of Sri Lanka (CBSL) has taken steps to pay compensations up to Rs. 600,000 to all insured depositors as per the Regulations of the Sri Lanka Deposit Insurance and Liquidity Support Scheme. The balance amount, if any, will be settled after liquidation of properties belong to TFC,” the Central Bank said in the statement.   

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 individual depositors having a single deposit will start on 7 June at People’s Bank branch locations where TFC branches were previously operated.

Further details in this regard can be obtained via the following telephone numbers: CBSL – 0112-398788, 0112-2477261; People’s Bank – 0112-481594, 0112-481320, 0112-481612, 0112-481703.


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