CB begins increased compensation payment to depositors of failed finance firms

The Central Bank yesterday said it has commenced the payment of increased compensation amount of Rs. 500,000 under the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS), to depositors of six failed finance companies which are Central Investments and Finance Limited (CIFL), The Standard Credit Finance Limited (TSCFL), TKS Finance Limited (TKSFL), The Finance Company PLC (TFC), ETI Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP).

Accordingly, the depositors Central Investments and Finance Limited (CIFL), The Standard Credit Finance Limited (TSCFL) and TKS Finance Limited (TKSFL) are being paid directly by the Central Bank upon receipt of consent forms along with the required documents specified in the Central Bank press notice issued on April 4.

The compensation to depositors of The Finance Company PLC (TFC), ETI Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP) will be paid through the island wide branch network of People’s Bank, the Agent Bank appointed by Central Bank for this purpose. 

The depositors of ETIFL can collect their compensation from today onwards, while the depositors of TFC can collect their compensation from April 12 onwards, from the People’s Bank. 
Payment of increased compensation to depositors of SFSP will commence shortly.

For the benefit and convenience of depositors, People’s Bank will keep its branches open for compensation payments on April 10 (Saturday) from 9.00 a.m. to 2.00 p.m.