4 more banks join Azerbaijan Deposit Insurance Fund

4 more banks join Azerbaijan Deposit Insurance Fund
# 10 September 2007 11:35 (UTC +04:00)
Four more banks – Azerbaijan Industry Bank, Azerbaijan Credit Bank, Caucasus Development Bank and NBCBank have joined Azerbaijan Deposit Insurance Fund.
The Fund told APA-Economics that the number of member banks has reached 34 now.
The members includes International Bank of Azerbaijan, Kapital Bank, Bank Standard, Azerdemiryolbank, Rabitabank, Technikabank, Khalg Bank, AtaBank, Micro Finance Bank of Azerbaijan, Melli Iran Bank, Azer-Turk Bank, Bank of Azerbaijan, bank of Azerbaijan, Bank of Baku, Bank Respublika, Mughan Bank, Nikoil Bank, Baku branch of the National Bank of Pakistan, Royal Bank of Baku, Turanbank, UniBank, ZaminBank, YapiKredi bank Azerbaijan, Parabank, Gandjabank, Amrahbank, United Credit Bank, Azernegliyyatbank, Atrabank and Dekabank.
Azerbaijan Deposit Insurance Fund guarantees to make compensation for depositors if the holder bank is abolished, or goes bankrupt or undergoes moratorium by a court decision.
The depositor has to apply to the FUND within a year.
By law, the compensation payment period shouldn’t exceed 90 days. In exceptional cases only, the period can be prolonged for a further 90 days by the Board of Trustees.
By law, Azerbaijan Deposit Insurance Fund informs the National Bank of the event at the member bank, and the National Bank makes public the details within 7 days through AzTV, Public TV, official newspapers (Azerbaycan, Respublika, Khalg), Azertag and APA News Agencies.
Azerbaijan Deposit Insurance Fund launched official operation on August 13. /APA-Economics/
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