Payments to The Finance depositors to begin on June 7

The Central Bank yesterday said the first phase of compensation payment for The Finance Company PLC (TFC) would start on June 7.

“The first phase of the compensation payment for the individual depositors having a single deposit, will be commenced on June 7, 2020 at People’s Bank branch locations where TFC branches previously operated,” a Central Bank statement said.

People’s Bank has been appointed by the Central Bank as the agent to make the payments.

The Cenral Bank has taken steps to pay compensations up to Rs.600, 000 to all insured depositors as per the regulations of Sri Lanka Deposit Insurance and Liquidity Support Scheme.

 
The balance amount if any, will be settled after liquidation of properties belonging to TFC. 

The license issued to TFC to carry on finance business has been cancelled with effect from May 22, 2020 due to a serious erosion of liquidity at the firm.

Central Bank said further details regarding depositor payments can be obtained via the telephone numbers given below. CBSL - 0112-398788 ,0112-2477261 People’s Bank - 0112-481594, 0112-481320, 0112-481612,0112-481703.