Deposit insurance coverage up 50% to Rs. 300,000

Thursday, 25 December 2014 00:00 - - {{hitsCtrl.values.hits}}

Central Bank said yesterday that in line with the decision announced in the Budget 2015 to increase the deposit insurance cover by 50%, the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) will increase its deposit insurance coverage per-depositor per-institution from Rs. 200,000 to Rs. 300,000, with effect from 1 January 2015. Central Bank said the regulation on the revised insurance cover has been published in Gazette Extraordinary No. 1891/11 of 2 December 2014 under the citation ‘Sri Lanka Deposit Insurance and Liquidity Support Scheme Regulations, No. 1 of 2014’. SLDILSS was established in October 2010 in the interest of the overall financial system stability of the country to protect depositors from failure of financial institutions and thereby to promote the stability of financial institutions by maintaining depositor-confidence. It is operated and managed by the Monetary Board of the Central Bank of Sri Lanka.

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