First phase of compensation payment for The Finance Company depositors

Jun 04, 2020 (LBO) – The Central Bank has taken steps to pay compensations up to 600,000 rupees to all insured depositors of The Finance Company (TFC) as per the Regulations of Sri Lanka Deposit Insurance and Liquidity Support Scheme.

The Central Bank said in a statement that the balance amount if any will be settled after the liquidation of properties belongs to TFC.

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 the individual depositors having a single deposit will be commenced on 7th June 2020 at People’s Bank branch locations where TFC branches were previously operated.

The license issued to The Finance Company PLC (TFC) to carry on finance business has been cancelled with effect from 22.05.2020 in terms of the provisions of the Finance Business Act No. 42 of 2011.

Further details in this regard can be obtained from the telephone numbers given below.

CBSL – 0112-398788 ,0112-2477261
People’s Bank – 0112-481594, 0112-481320, 0112-481612,0112-481703

Related: Central Bank cancels finance business licence of The Finance Company