Central Bank commences compensation payments to insured depositors of CIFL

Central Bank commences compensation payments to insured depositors of CIFL

The Central Bank of Sri Lanka Monday announced that the compensation payments for insured depositors of Central Investments and Finance PLC (CIFL) will be paid with effect from 27 August 2018.

The payments are made in terms of Sri Lanka Deposit Insurance Scheme Regulation No.01 of 2010 (as amended) (SLDILSS Regulations).

The Monetary Board cancelled the license issued to Central Investment and Finance PLC (CIFL) with effect from 5th March 2018 in accordance with Section 37(3) of the Finance Business Act.

The payment process will be continued until all eligible depositors of CIFL who have claimed their dues are paid. Therefore, CBSL requested the eligible depositors to wait until officially inform the collection of their payment.

Further, with the Monetary Board decision to cancel the license of The Standard Credit Finance Ltd effective from 25th July 2018, the compensation payment for the eligible depositors will also be paid in terms of the SLDILSS Regulations in due course.

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