He also added that these payments will be carried out once in a month.
“We will receive funds daily, but we want to return uninsured deposits in accordance with funds’ accumulation,” added Javadov.
The licenses of DekaBank, KredoBank, Parabank and Zaminbank were cancelled in Azerbaijan, in accordance with the decision of the Financial Market Supervisory Body dated July 21, 2016.
The licenses of those banks were revoked, as their assets were not classified in line with the law, they didn’t create adequate reserves and the aggregate capital of these banks doesn’t meet the minimum requirements [50 million manats]. In general, they haven’t fulfilled the regulator’s instructions.
Temporary administrators were appointed to these banks July 22.
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