A bill on the operations of Deposit Insurance Corporation of Mongolia was approved for reviewed by Parliament's Economic Standing Committee, on January 31.
Currently, Mongolia's commercial banks hold 13 trillion MNT in current and deposit accounts. Seven trillion MNT of the 13 trillion MNT amount is held in deposit accounts, with 99 percent of account holders having less than 20 million MNT in their accounts.
The Deposit Insurance Corporation of Mongolia (DICOM) was formed to ensure the safety of these assets with a 92 billion MNT insurance fund. The corporation’s current capital stands at 340 billion MNT.
The bill includes articles which will enhance DICOM's independence and reduce reimbursement waiting periods for minor deposit holders and inheritances, exclude state agency fees based on asset amounts.
Executive Director of DICOM Kh. Bum-Erdene noted, “As set forth by the National Committee of DICOM, commercial banks pay three types of fees: a starting fee, special fee, and quarterly fee.
Special fees haven’t been activated yet and 337 billion MNT has been generated from the other two fees, which is the main source of income for the corporation.” He added that DICOM will not serve commercial banks but will assess banks for the collection of fees.
A bill on the operations of Deposit Insurance Corporation of Mongolia was approved for reviewed by Parliament's Economic Standing Committee, on January 31.
Currently, Mongolia's commercial banks hold 13 trillion MNT in current and deposit accounts. Seven trillion MNT of the 13 trillion MNT amount is held in deposit accounts, with 99 percent of account holders having less than 20 million MNT in their accounts.
The Deposit Insurance Corporation of Mongolia (DICOM) was formed to ensure the safety of these assets with a 92 billion MNT insurance fund. The corporation’s current capital stands at 340 billion MNT.
The bill includes articles which will enhance DICOM's independence and reduce reimbursement waiting periods for minor deposit holders and inheritances, exclude state agency fees based on asset amounts.
Executive Director of DICOM Kh. Bum-Erdene noted, “As set forth by the National Committee of DICOM, commercial banks pay three types of fees: a starting fee, special fee, and quarterly fee.
Special fees haven’t been activated yet and 337 billion MNT has been generated from the other two fees, which is the main source of income for the corporation.” He added that DICOM will not serve commercial banks but will assess banks for the collection of fees.