Central Bank commences compensation payments to insured CIFL depositors

The Central Bank of Sri Lanka (CBSL) announced that it commenced making compensation payments for insured depositors of Central Investment and Finance PLC (CIFL) with effect from yesterday (27th August) in terms of Sri Lanka Deposit Insurance Scheme Regulation No. 01 of 2010 (as amended), or SLDILSS Regulations.

The Monetary Board cancelled the licence issued to CIFL with effect from 05.03.2018 in accordance with Section 37 (3) of the Finance Business Act.

In a statement the CBSL said the payment process will be continued until all eligible depositors of CIFL who have claimed their dues are paid.

“Therefore, eligible depositors are kindly requested to wait patiently until CBSL officially inform the collection of their payment.”

It added that in light of the Monetary Board decision to cancel the licence of The Standard Credit Finance Ltd effective from 25.07.2018, the compensation payment for the eligible depositors will also be paid in terms of the SLDILSS Regulations in due course.