What does bank deposit insurance scheme mean?
What does bank deposit insurance scheme mean?
Deposit insurance is a protection cover for deposit holders in a bank when the bank fails and does not have money to pay its depositors. DICGC insures all bank deposits, such as savings, fixed, current and recurring deposit for up to the limit of Rs 5 lakh per bank. 4.
What is HK aggregate balance?
The aggregate balance refers to the sum of the balances in the clearing accounts maintained by the banks with the Hong Kong Monetary Authority (HKMA), representing the interbank liquidity.
What is an Authorised institution HKMA?
Authorized institutions. An institution authorized under the Banking Ordinance to carry on the business of taking deposits. Hong Kong maintains a Three-tier Banking System, which comprises banks, restricted licence banks and deposit-taking companies. Authorized institutions are supervised by the HKMA.
What is an authorized financial institution?
“Authorized financial institution” means an authorized institution as defined in section 2(1) of the Banking Ordinance (i.e. a bank, a restricted licence bank or a deposit-taking company).
Does HK have a central bank?
The Hong Kong Monetary Authority (HKMA) is Hong Kong’s central banking institution. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merged. The organisation reports directly to the Financial Secretary.
Who is regulated by HKMA?
The HKMA is responsible for the authorization, regulation and supervision of banking business and the business of taking deposits in Hong Kong. The HKMA adopts a risk-based approach in evaluating banks’ safety and soundness, risk-management systems and internal controls.
What are the three banks?
Insurance Disclosure
| Rank | Bank name | Total assets |
|---|---|---|
| 1 | JPMorgan Chase & Co. | $3.19 trillion |
| 2 | Bank of America Corp. | $2.35 trillion |
| 3 | Wells Fargo & Co. | $1.78 trillion |
| 4 | Citigroup Inc. | $1.70 trillion |
What is Type 9 license Hong Kong?
An SFC Type 9 license is a license to carry on a business in the regulated activity of asset management.
Do banks pay for deposit insurance?
How Deposit Insurance is Funded. FDIC insurance is paid out of the Deposit Insurance Fund (DIF), which is maintained through the payment of premiums by each bank.