Such persons will be requested to meet with the relevant DIC officials.
Frequently Asked Questions
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- When is the Liquidator appointed?
- Are any other cash liabilities of financial institutions covered?
- Does the borrower’s obligations to the institution continue after the institution is closed?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
