CBSL extends regulatory actions on The Finance Company

CBSL extends regulatory actions on The Finance Company

May 16, 2019   09:10 am

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The Monetary Board of the Central Bank of Sri Lanka (CBSL) has extended the regulatory actions taken on The Finance Company PLC for another three months with effect from yesterday (15), in order to consider the business restructuring proposal submitted by the company.

Issuing a statement yesterday, CBSL said this step was taken temporary measures, under the provisions of FBA.

The CBSL further said the interest due on deposits will be paid continuously.

On February 15th, the CBSL initiated a number of regulatory actions The Finance Company PLC, with a view to safeguard the interests of the depositors and other stakeholders of the company.

Regulatory measures include suspension of accepting new deposits, withdrawal of deposits and disbursement of loans and advances to facilitate the restructuring process of TFC, the CBSL said.

The CBSL calls on the depositors to contact the Department of Supervision on Non-Bank Financial Institutions of the Central Bank of Sri Lanka through 0112 477 573, 0112 477 229, 0112 477 504 or snbfi_query@cbsl.lk for further clarifications.

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