ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.

Detailed explanation-2: -The FDIC-short for the Federal Deposit Insurance Corporation-is an independent agency of the United States government. The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails.

Detailed explanation-3: -The FDIC is an independent U.S. government agency that supervises financial institutions and insures certain customer deposits. FDIC insurance covers certain deposit accounts in an amount of up to $250, 000 per depositor for the aggregate of all deposits held by the depositor in each account ownership category.

Detailed explanation-4: -A: Deposit products include checking accounts, savings accounts, CDs and MMDAs and are insured by the FDIC. The amount of FDIC insurance coverage you may be entitled to, depends on the ownership category. This generally means the manner in which you hold your funds.

Detailed explanation-5: -On June 16, 1933, President Franklin Roosevelt signed the Banking Act of 1933, a part of which established the FDIC. At Roosevelt’s immediate right and left were Sen. Carter Glass of Virginia and Rep.