Question
Download Solution PDFThe banks wherein a majority of depositors are non-residents are called
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Offshore Banks
Key PointsOffshore banking refers to the deposit of funds by a company or individual in a bank that is located outside their national residence. Although the term implies that these banks are located on islands, many offshore banks are, in fact, found in onshore locations, such as Panama, Luxembourg and
Switzerland.
Additional InformationForeign Bank means an organization that
- is organized under the laws of a foreign country
- engages in the business of banking
- is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations
- receives deposits to a substantial extent in the regular course of its business
- has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank
Last updated on Jul 7, 2025
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