How many banks are secured in Pakistan for Depositing:

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 published :4 December 2023 at 10:40AM

The Store Security Company (DPC) - an auxiliary of the State Bank of Pakistan (SBP) - has given its yearly report on the wellbeing of the stores in ledgers the nation over, ARY News provided details regarding Friday.

According to the annual report that was released here today, the Deposit Protection Corporation of the SBP deemed 71,540,000 bank accounts in Pakistan to be "safe."

The bank stores worth Rs500,000 have a lawful cover, said the DPC.

It stated that 98% of bank accounts' deposited funds were completely secure. The complete number of records in booked banks across Pakistan was 70,300,000.

It claims that DPC safeguards the deposits of more than 98% of Pakistan's scheduled banks' 73 million customers.

Understand Full: Store Assurance Partnership discharges Yearly Report for FY2022-23

In a press proclamation, the DPC said that the target of delivering its third Yearly Report for the year 2022-23 was improving the mindfulness among bank contributors and overall population with respect to security of stores of its part banks.

The DPC's unwavering dedication to safeguarding depositor funds, enhancing financial stability, and continuously expanding the horizon of deposit protection is emphasized in the Annual Report.

SBP issues explanation on bank stores

The report gives bits of knowledge into DPC's exhibition during the year and divulgence of its monetary presentation. It digs into DPC's tentative arrangements and vital drives highlighting the association's obligation to reinforce store assurance.

The report presents a clear picture of the Corporation's safety net through statistics and graphic representations of the coverage and scope of DPC's deposit protection.

Related: The banking system in Pakistan is sound, and deposits are safe: SBP

The report additionally centers around open mindfulness with the slogan "Know the store insurance". To guarantee simplicity of understanding, much of the time posed inquiries in regards to store security have been shown pictorially in this portion.

It is important to note that the Deposit Protection Corporation (DPC) began operations in 2018 with the mandate to compensate depositors of banks in the event of a failure, as outlined in the 2016 Deposit Protection Act. It concluded that, as a result of this Act, all scheduled banks in Pakistan are DPC members.

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