Compensation payments for ETIFL and SFSP depositors begin this Saturday

• ETIFL and SFSP operations suspended with effect from July 13

The Central Bank of Sri Lanka (CBSL) has taken measures to make the compensation payments to the depositors of ETI Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP) from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS), upon the suspension of the finance businesses of the two firms, with effect from July 13, 2020.

Accordingly, compensation payment will commence from July 25, 2020, through selected branches of People’s Bank islandwide. 

In terms of the regulations of the SLDILSS, maximum compensation of Rs.600,000 per depositor will be paid through 45 branches of People’s Bank islandwide.

Accordingly, the necessary funds for paying compensations to all the depositors/legal beneficiaries confirmed by ETIFL and SFSP have already been allocated by the SLDILSS.
“The CBSL has taken all required measures to ensure that the compensation procedure is implemented in an efficient and effective manner.

The depositors of ETIFL and SFSP are requested to extend their maximum cooperation towards this compensation payment programme by submitting the originals of deposit certificates, identification details and other required documents to the respective branch of People’s Bank,” the Central Bank said in a statement. 

Further details pertaining to compensation to the depositors of ETIFL and SFSP can be obtained from the following telephone numbers: People’s Bank: 0112 481 594, 0112 481 320, 0112 481 617, 0112 481 703 and Central Bank of Sri Lank: 0112 398 788, 0112 477 261.