The State Bank of Pakistan on Thursday clarified that customer deposits are "perfectly safe" owing to the sound banking system in Pakistan. 1/2 #SBP clarifies that bank deposits are perfectly safe owing to a sound banking system in Pakistan under a robust regulatory and supervisory framework. See PR: https://t.co/zLD1B94RdO#SBPClarification pic.twitter.com/d6O2hu9Dun — SBP (@StateBank_Pak) October 5, 2023The clarification by the central bank comes following reports in certain sections of the media that implied bank deposits above Rs500,000 in the banking system were unsafe. The SBP added that the Deposit Protection Corporation (DPC), a subsidiary of SBP, has added another layer of protection by providing insurance cover of up to Rs500,000 to every depositor. Currently, 94% of the depositors are fully protected under the Deposit Protection Act of 2016."

Source: The Express Tribune October 06, 2023 02:17 UTC