Compensation payments to the depositors of ETI and Swarnamahal 

The Central Bank (CB) has taken measures to pay the compensation payments to the depositors of ETI Finance Ltd (ETIFL) and Swarnamahal Financial Services PLC (SFSP) from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS), upon suspension of the finance businesses of both institutions with effect from July 13, 2020. 
Accordingly, compensation payment will commence from Saturday July 25 through selected branches of the People’s Bank island-wide. In terms of the regulations of the SLDILSS, maximum compensation of Rs. 600,000 per depositor will be paid through 45 branches of People’s Bank Island wide, the CB said in a media release.
Accordingly, the necessary funds for paying compensations to all the depositors/ legal beneficiaries confirmed by ETIFL and SFSP has already been allocated by SLDILSS and the CB said it has taken all required measures to ensure that compensation procedure is implemented in an efficient and effective manner.
“The depositors of ETIFL and SFSP are hereby requested to extend their maximum cooperation towards this compensation payment programme by submitting originals of deposit certificates, identification details and other required documents to the respective branch of People’s Bank,” the release said. (BS)