Linyi to be the first to use deposit insurance logo in Shandong

In order to further complete the deposit insurance system and protect the legitimate rights and interests of depositors, the central bank authorized financial institutions participating in deposit insurance to use the deposit insurance logo from Nov. 28. From Nov. 7, the deposit insurance logo will be first used in 11 cities (counties) in China including Linyi,the only city in Shandong province. At present, 1,372 branches of 49 financial institutions in Linyi have all used the deposit insurance logo.

Deposit insurance, also known as deposit guarantee, refers to the state's legislation to provide explicit legal protection for public deposits and promote the healthy development of the banking industry. It is a basic institutional arrangement of financial industry widely implemented in all countries. At present, more than 140 countries and regions have established deposit insurance systems.

Since the implementation of the Deposit Insurance Regulations on May 1, 2015, the deposit insurance system in China has been implemented smoothly, depositors' interests have been protected at a high level, and the stable and healthy development of the banking system has been promoted.

To regulate the use of deposit insurance mark, the People's Bank of China clearly stipulates that banking financial institutions participating in deposit insurance shall display the deposit insurance logo in a prominent position at the entrance of each business outlet in China, to ensure that depositors entering the business outlet can easily identify the banking financial institution as a banking financial institution participating in deposit insurance, banking financial institutions, the banking financial institutions to absorb deposit is received in accordance with the country the protection of the deposit insurance system and know that the deposits taken by the banking financial institution are protected by the national deposit insurance system in accordance with the law.