Central Bank Banned the The finance Company PLC Licence.
First What happened is Central Bank given the time to seek a investor to invest to The finance company PLC.
But Unfortunately no investor came to invest on this company. Monthly 200 Million lost occur so no one ready to invest.
24th of October 2019 , Central Bank Announced that The finance still not unable to fulfill the investment proposal so cancel the licence.
As per the insurance policy , Deposit holders can get up to 600,000 rs and Finance companies saying that 97% depositors can get balance payments.
Now 3 Companies Faced big issues
- ETI Finance
- TKS Finance
- Sinhaputhra Finance PLC
I always saying that do not go after the big interest rates. Be mindful.