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It was established on 15 July 1978 under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposit for up to the limit of Rs. 500,000 of each depositor in a bank. The ...
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, ... (DICGC). Deposit insurance was hiked from ...
The bureau regulates the approximately 225 traditional banks that have received state charters, as well as over 14,000 non-bank lenders, including mortgage brokers, securities dealers, debt managers, and pawnshops. The department is fully funded by licensing fees and is not dependent upon tax revenue..
Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York. The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia ...
The merger will create a community bank with approximately $5.2 billion in assets.
Banks would be prohibited from imposing interest charges using the "two-cycle" method, which computes interest on balances on days in billing cycles preceding the most recent billing cycle; Banks would be required to provide consumers a reasonable amount of time to make payments [14]
An Act to reform Federal deposit insurance, protect the deposit insurance funds, recapitalize the Bank Insurance Fund, improve supervision and regulation of insured depository institutions, and for other purposes. Nicknames: Bank Enterprise Act of 1991: Enacted by: the 102nd United States Congress: Effective: December 19, 1991: Citations ...
The first DINB was the Deposit Insurance National Bank of East Peoria, created when Fond Du Lac State Bank was closed by Illinois regulators on May 26, 1934. [9] [10] Under this original deposit insurance system, the FDIC assumed receivership of nine insured banks and paid off their deposits through DINBs. [11]