Sri Lanka regulator extends curbs on The Finance Co
ECONOMYNEXT – Sri Lanka’s Central Bank said it will extend a ban preventing The Finance Company (TFC), a troubled non-banker lender which got into difficulties in 2008, from taking new deposit or giving loans for three more months from May 15.
The extension of the regulatory action was in order to consider the business restructuring proposal submitted by the company, a statement said.
“Interest due on deposits will be paid continuously,” it said.
The restrictions on The Finance, which include suspension of accepting new deposits, withdrawal of deposits and disbursement of loans and advances, were imposed on February 15, to safeguard the interests of the depositors and other stakeholders of the company.
(COLOMBO, 15 May 2019)