Central Bank commences increased compensation payments to the depositors of Five Failed Finance Companies

The Central Bank of Sri Lanka (CBSL) has commenced payment of the increased compensation amount of Rs 500,000/- under the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS), to the depositors / relevant legal beneficiaries of Central Investments and Finance Limited (CIFL), The Standard Credit Finance Limited (TSCFL), TKS Finance Limited (TKSFL), The Finance Company PLC (TFC), ETI Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP). 

Accordingly, the depositors / relevant legal beneficiaries of CIFL, TSCFL and TKSFL are being paid directly by the CBSL upon receipt of consent forms along with the required documents specified in the CBSL press notice issued on 04.04.2021. The compensation to depositors / relevant legal beneficiaries of TFC, ETIFL and SFSP will be paid through the island wide branch network of People’s Bank, the Agent Bank appointed by CBSL for this purpose.

“The depositors / relevant legal beneficiaries of ETIFL can collect their compensation from 09.04.2021 (tomorrow) onwards, while the depositors / relevant legal beneficiaries of TFC can collect their compensation from 12.04.2021 onwards, from the People’s Bank. Payment of increased compensation to depositors / relevant legal beneficiaries of SFSP will commence shortly.  

For the benefit and convenience of the depositors / relevant legal beneficiaries of ETIFL, People’s Bank has agreed to keep their branches open for compensation payments on 10th April 2021 (Saturday) from 9.00 a.m. to 2.00 p.m. We therefore request the eligible depositors / relevant legal beneficiaries to collect their claims from any People’s Bank branch commencing from 09.04.2021 / 12.04.2021 by producing the relevant documents. You are advised to avoid gathering in large numbers at the People’s Bank premises and to comply with the health guidelines,” the Bank informed the public.