In a bid to fortify the safety net for bank depositors, the Deposit Protection Corporation (DPC), a subsidiary of the State Bank of Pakistan, has unveiled its much-anticipated third Annual Report for the fiscal year 2022-23. The report not only serves as a comprehensive overview of the corporation’s performance but also aims to enhance awareness among both depositors and the general public regarding the protection of deposits offered by its member banks.
The Annual Report stands as a testament to DPC’s unwavering commitment to securing depositors’ funds, fortifying financial stability, and consistently expanding the scope of deposit protection. Delving into the corporation’s performance over the past year, the report sheds light on crucial financial disclosures and outlines DPC’s strategic initiatives for the future.
Highlighting the statistics and graphical representations within the report, the coverage and scope of DPC’s deposit protection become vivid. The report reveals that DPC extends deposit protection to an impressive 98 percent of the total 73 million depositors in scheduled banks across Pakistan, emphasizing the robust safety net provided by the corporation.
A pivotal aspect of the report is its focus on public awareness, encapsulated by the tagline “Know the deposit protection.” To simplify complex information and ensure easy understanding, the report incorporates pictorial representations of frequently asked questions regarding deposit protection.
It’s worth noting that DPC, established in 2018 under the Deposit Protection Corporation Act, 2016, operates with a mandate to compensate depositors in the unlikely event of a bank failure. As per the Act, all scheduled banks in Pakistan are members of DPC, reinforcing the collaborative effort to safeguard the interests of depositors and maintain the stability of the financial sector.
, a subsidiary of the State Bank of Pakistan, has unveiled its much-anticipated third Annual Report for the fiscal year 2022-23.){kind=link}