- December 7, 2023
- Posted by: Muhammad Afzaal
- Category: RBS News
The State Bank of Pakistan (SBP) has assured the public that 98% of funds held in bank accounts across the country are secure, based on information reported on December 1.
In its recently published annual report, the SBP revealed that out of the 70.30 million scheduled bank accounts in Pakistan. Moreover, a significant 70.15 million accounts, constituting 98%, benefit from the protection offered by the Deposit Protection Corporation (DPC).
Established in 2018, the DPC plays a vital role in safeguarding depositors’ funds in the event of a bank failure. However, all banks operating in Pakistan are members of the DPC, which guarantees the protection of deposits up to PKR 500,000 in case of such unfortunate circumstances.
The SBP’s annual report aims to provide essential information to depositors regarding the security of their funds within banks. Also, from the beginning of the Deposit Protection Corporation (DPC), all banks have steadfastly followed its criteria, establishing a strong protective system for depositors.
Furthermore, the SBP advises depositors to choose banks that demonstrate strong capitalization and effective management. Additionally, individuals are encouraged to thoroughly review the terms and conditions associated with their deposits before making any financial commitments.
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