Central Bank issues special notice to Nation Lanka Finance depositors

The Central Bank of Sri Lanka has announced that compensation payments to insured depositors of Nation Lanka Finance PLC will commence tomorrow (1).

Accordingly, the compensation payments will be made through selected branches of the People’s Bank.

The process has been initiated following the cancellation of the finance business licence of Nation Lanka Finance PLC.

Meanwhile, the Central Bank stated that eligible depositors under the Sri Lanka Deposit Insurance Scheme will be entitled to compensation of up to a maximum of Rs. 1.1 million, based on the total value of their insured deposits.

The compensation will be paid by crediting the funds to existing People’s Bank accounts, through newly opened accounts, or by cash payments over the counter.

The Central Bank revoked the finance business licence issued to Nation Lanka Finance PLC with effect from 3 July 2026 under Section 66(2) of the Banking (Special Provisions) Act, No. 17 of 2023.

The Central Bank further stated that insured depositors and lawful claimants may submit compensation claims until 2 July 2032.

Depositors who already maintain People’s Bank accounts and whose total deposits with Nation Lanka Finance are valued at less than Rs. 5,000 are required to submit their completed application forms and the necessary documents electronically to People’s Bank.

The Central Bank also informed that all other insured depositors must submit the prescribed application forms together with the original deposit certificates, identity documents and other required documents to the designated branches of People’s Bank.

Joint account holders are required to submit separate compensation claim forms, while depositors who are unable to appear in person may submit claims through legally appointed holders of a power of attorney.

Application forms, instructions and answers to frequently asked questions relating to the compensation process are available on the Central Bank’s website, while printed copies may also be obtained from the designated branches of People’s Bank.

The Central Bank further stated that depositors requiring additional information may obtain assistance through its Deposit Insurance and Resolution Department.

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