On Tuesday, the Deposit Protection Corporation (DPC) declared that the qualifying depositors of its member banks would now receive a guarantee amount of Rs1 million instead of Rs500,000.
Approved by the DPC board, this upgrade is expected to offer complete protection to almost 96% of qualified depositors nationwide.
According to the State Bank of Pakistan (SBP), the objective of this move is to protect the interests of depositors and advance financial stability in the nation.
With this updated guarantee, the DPC now protects an astounding 77.7 million accounts owned by member banks, helping to shield around 80 million people, or roughly 96% of all account holders in the banking industry.
