Regulatory actions against TFC extended

May, 15, 2019

The Monetary Board of the Central Bank of Sri Lanka (CBSL) initiated a number of regulatory actions, as temporary measures, under the provisions of FBA, on The Finance Company PLC (TFC) with effect from 15th February 2019, 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 Monetary Board of the CBSL has decided to extend the said regulatory actions for another three months period from 15th May 2019, in order to consider the business restructuring proposal submitted by the company. Interest due on deposits will be paid continuously.

The depositors may 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 for further clarifications.