Islamabad, Aug 28: The Senate Standing Committee on Finance met under the direction of Senator Salim Mandviwala, who also examined the Deposit Protection Corporation Amendment Bill 2024. Latest updates regarding the security of Bank has been raised to 500000 Rupees.
“Money in banks up to 5 lakh rupees will now get legal protection,” State Bank Deputy Governor informed the committee members.
The deputy governor also stated that deposits up to Rs. 250,000 were previously protected.
What are deposit protection schemes?
The security of Bank deposit plans are intended to handle a bank’s failure on an isolated basis and lessen the possibility that a single bank failure will lead to systemic issues and contagion.
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