The banks wherein a majority of depositors are non-residents are called:
Offshore banks are banking institutions located in designated low-tax or deregulated international financial centres where the vast majority of depositors and counterparties…
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The banks wherein a majority of depositors are non-residents are called:
Answer and explanation
Correct answer D
Offshore banks are banking institutions located in designated low-tax or deregulated international financial centres where the vast majority of depositors and counterparties are non-residents and transactions are conducted in currencies external to the host country. They provide cross-border wealth management, Eurocurrency lending, and tax-neutral financial services.
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UGC NET Commerce