What Is Section 370

This update incorporates feedback from covered institutions on the draft itfg version 2 0 issued on june 29 2018.

What is section 370. In place since 1949 it gives special status to the state of jammu and kashmir which encompasses the section of the disputed kashmir region controlled by india including the power to have its. Part 370 part 370 applies to any idi that has two million or more deposit accounts defined as a covered institution ci. The information technology functional guide itfg was developed to assist the information technology teams of the covered institutions in implementing systems for 12 c f r.

Part 370 12 c f r. Jammu kashmir s national flag is different.

Pay deposit insurance as soon as possible after the failure of a covered bank. Jammu kashmir legislative assembly s term is 6 years whereas its 5 years for the states of india. While the transactional features definition remains as proposed the time granted for acquiring institutions resulting from a merger transaction to comply with part 370 has been extended to two years and now includes deposit assumption transactions.

Article 370 of the indian constitution gives special status to the jammu and kashmir state. What is section 370. Part 370 part 370.

The part 370 final rule accepted the majority of the proposed changes in the npr 12 cfr part 370 with additional changes made to the recordkeeping requirements. What is section 370 explanation advantages and disadvantages. Article 370 is a special article of the indian constitution which means that jammu and kashmir has given the special powers compare to other states in india.

Jammu kashmir s citizens have dual citizenship. The purpose of part 370 is to improve the fdic s ability to fulfill its two mandates related to paying deposit insurance. And resolve a covered institution with the least possible cost to the deposit insurance fund.