The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that provide deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions. The FDIC is a United States government corporation providing deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this was increased several times over the years. Since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2011, the FDIC insures deposits in member banks up to US$250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States of America, and since its inception in 1933 no depositor has ever lost a penny of FDIC-insured funds.
Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is incorporated in Delaware.
Currency substitution, dollarization is the use of a foreign currency in parallel to or instead of the domestic currency.
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers, and some government-sponsored enterprises.
ICICI Bank Limited is an Indian multinational bank and financial services company with its corporate office in Mumbai, Maharashtra. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries.
The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.
Citibank Canada, operating as Citi Canada, is the Canadian subsidiary of the American multinational financial services corporation Citigroup. Citi Canada is headquartered in Toronto, with offices in Calgary, London, Ontario, Montreal, Mississauga, Ontario, and Vancouver.
Citibank Limited is a licensed bank incorporated in Hong Kong.
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
Flow of funds accounts are a system of interrelated balance sheets for a nation, calculated periodically. There are two types of balance sheets: those showing
The Icesave dispute was a diplomatic dispute between Iceland, the Netherlands and the United Kingdom that began after the privately owned Icelandic bank Landsbanki was placed in receivership on 7 October 2008. As Landsbanki was one of three systemically important financial institutions in Iceland to go bankrupt within a few days, the Icelandic Depositors' and Investors' Guarantee Fund (Tryggingarsjóður) had no remaining funds to make good on deposit guarantees to foreign Landsbanki depositors who held savings in the Icesave branch of the bank.
China's banking sector had CN¥319.7 trillion in assets at the end of 2020. The "big four/five" state-owned commercial banks are the Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China, and the Agricultural Bank of China, all of which are among the largest banks in the world as of 2018. The Bank of Communications is sometimes included. Other notable big and also the largest banks in the world are China Merchants Bank and Ping An Bank.
The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit insurance and investors compensation scheme for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. The FSCS is an operationally independent body, set up under the Financial Services and Markets Act 2000 (FSMA), and funded by a levy on authorised financial services firms. The scheme rules of the FSCS are made by the Financial Conduct Authority (FCA) and are contained in the FCA's Handbook. The FCA also appoint its Board and the FSCS is ultimately accountable to the FCA. The scheme covers deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement.
Before Uganda's independence in 1962, the main banks in Uganda were Barclays ; Grindlays, Standard Bank and the Bank of Baroda from India. The currency was issued by the East African Currency Board, a London-based body. In 1966, the Bank of Uganda (BoU), which controlled the issue of currency and managed foreign exchange reserves, became the central bank and national banking regulator. The government ownedUganda Commercial Bank and the Uganda Development Bank were launched in the 1960s. The Uganda Development bank was a state-owned development finance institution, which channeled loans from international sources into Ugandan enterprises and administered most of the development loans made to Uganda.
Citibank Berhad is a licensed commercial bank operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited. Commencing its banking operations in Malaysia in 1959, Citibank Berhad was locally incorporated in 1994.
Citibank Indonesia is a universal bank that offers a wide range of retail and commercial banking services. Citi has been present in Indonesia since 1968 and is one of the largest foreign banks in the country by asset size. Citibank Indonesia operates 11 branches and 70+ ATMs; it has a customer payment network with more than 50,000 payment points and a corporate distribution network with 4,800 locations across 34 provinces. Citibank Indonesia is a fully owned subsidiary of Citibank NA.
Citibank Philippines is the Philippines branch of Citibank. In July 1902 the International Banking Corporation, a predecessor to Citibank, opened its first branch in Manila. Currently, it is the largest commercial bank in the Philippines.
CitiFX Pro was Citigroup's online foreign exchange market trading platform for retail and small institutional traders including commodity trading advisors, broker-dealers, money managers, and hedge funds. CitiFX Pro discontinued offering services to clients in June 2015 and sold all U.S. accounts to FXCM, and international accounts to Saxo Bank.
Pradhan Mantri Jan Dhan Yojana is a financial inclusion program of the Government of India open to Indian citizens, that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. This financial inclusion campaign was launched by the Prime Minister of India Narendra Modi on 28 August 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014.
