CBSL to pay back depositors of The Finance Company PLC

COLOMBO (News 1st): The Central Bank of Sri Lanka (CBSL) has taken measures to pay back all insured depositors of The Finance Company PLC, an amount of up to Rs. 600,000. This payment is being made as per the Regulations of Sri Lanka Deposit Insurance and Liquidity Support Scheme, according to the Central Bank of Sri Lanka. The balance amount if any will be settled after the liquidation of properties belonging to The Finance Company PLC, said the CBSL on Thursday (June 4). According to CBSL, the compensation payments will be made through the People’s Bank as it is the agent bank appointed by CBSL for this purpose. The first phase of the payment for the individual depositors having a single deposit will commence on 7th June 2020, at People’s Bank branch locations where TFC branches were previously operated, said the Central Bank of Sri Lanka. For further details, the CBSL has requested depositors to contact the following numbers: CBSL - 011 2 398788 ,011 2 477261 People’s Bank - 011 2 481594, 011 2 481320, 011 2 481612, 011 2 481703 The Central Bank cancelled the licence of The Finance Company PLC with effect from May 22, after it failed to recover financially following a reprieve granted last year.