78m bank depositors protected under DPC

KARACHI: The Deposit Corporation of Pakistan (DPC) has revealed that scheduled banks have 79.2 million depositors as of June 30, 2024.

In its annual report 2023-24, released on Friday, the DPC provided a graphical illustration of total and eligible deposits and the coverage ratio of banks’ depositors.

The report states that the deposits of over 78 million accountholders are protected up to the extent specified by the corporation.

The report highlights the corporation’s role in promoting financial stability as the deposit protection fund stands at Rs148 billion, which is a testimony of fulfilling its mandate of compensating the losses incurred by the eligible depositors of any member bank in the unlikely event of its failure.

The fourth annual report completely discloses the corporation’s financial performance, operating activities, and achievements. The DPC was established under the Deposit Protection Corporation Act 2016 and operates as a subsidiary of the State Bank of Pakistan.

Published in Dawn, December 14th, 2024