Second stage of compensation payment to TFC depositors begins on July 2

The Central Bank of Sri Lanka (CBSL) has taken measures to commence the second stage of compensation payment to The Finance Company PLC (TFC) depositors with effect from July 2, 2020.

Accordingly, such payments will take place at 63 branches of People’s Bank Island wide.

In terms of this compensation mechanism Rs. 600,000 is paid per depositor. Under this second stage, compensation to all the depositors confirmed by the TFC will commenced from 
July 2, 2020. 

Upon cancellation of the finance business license of TFC by the Central Bank Monetary Board, compensation payments to TFC depositors/legal beneficiaries from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) commenced on June 7, 2020.

Accordingly, under the first stage of the payment mechanism, compensation payment to individual depositors who maintained only one account i.e. nearly 105,000 depositors in total were done. 

Under the second stage, approximately another 38,000 depositors will be eligible to receive compensation. 

The CBSL has taken all required measures to ensure that the compensation procedure is implemented in an efficient and effective manner. 

The People’s Bank has been appointed as the CBSL agent to execute the compensation programme expeditiously. 

TFC depositors are hereby requested to extend their maximum cooperation towards this compensation programme by submitting originals of deposit certificates, identification details and other required documents. 

In respect of joint accounts, minor accounts, deposits converted into shares and deposits maintained in the names of corporates and societies, deceased depositors and depositors living abroad, the instances where loss of original deposit certificate/pass book, the absence of required identification documents etc., it will be required to submit affidavits, special forms and confirmations obtained from TFC as specified by the 

Peoples Bank. 
TFC depositors are requested to abide by such instructions to make the compensation programme a success. Further details pertaining to the compensation programme can be obtained from the following telephone numbers. People’s Bank: 0112-481594, 0112-481320, 0112-481612, 0112-481703 Central Bank of Sri Lanka: 0112 398 788, 
0112 477 261