Compensation for secured deposits in AGBank OJSC and NBC Bank OJSC will be paid in cashless form, Trend reports referring to the Azerbaijan Deposit Insurance Fund (ADIF).
The compensation for protected deposits will be returned in two stages in order to avoid queues and for the systematic payment of compensations and ensuring the satisfaction of citizens.
According to the ADIF, compensation for deposits worth up to 30,000 manat ($17,647) in AGBank and NBC Bank inclusively in manat equivalent will be made from June 16, 2020, while compensation for deposits over 30,000 manat in manat equivalent will start from July 15, 2020.
In accordance with article 28.3 of the Law of Azerbaijan on deposit insurance, the ADIF accepts applications from depositors within one year from the date of the first publication of the notification of compensation. In accordance with the law, the date of the insured case in the mentioned banks is April 28, 2020. Deposits will also be refunded in accordance with the law.
Information on the process of returning deposits to citizens will further be provided, the message said.
By the decision of the Board of the Central Bank of Azerbaijan (CBA) dated May 12, 2020, licenses issued for AGBank and NBC Bank for banking activities were revoked.
(1 USD = 1.7 manat on May 23)