DPC's annual report reveals 79.2mn eligible depositors as of June 30

December 16, 2024 (MLN): The Deposit Protection Corporation (DPC) released its fourth Annual Report for the fiscal year ended June 2024, reveals 79.2 million depositors in scheduled banks as of June 30, 2024.

Out of these, more than 78mn are eligible depositors, and their deposits are protected up to the extent of the protected deposit amount as specified by the Corporation.

The report indicates DPC’s robust deposit protection fund, standing at a total of Rs148 billion.

This testimony outlines DPC’s efforts in fulfilling its mandate to compensate the losses incurred by eligible depositors of any member bank in the unlikely event of its failure.

It also emphasizes DPC’s crucial role in promoting financial stability in Pakistan.

The report has been issued with the objective of providing complete disclosure of the Corporation’s financial performance, operating activities, and achievements. 

DPC was established under the Deposit Protection Corporation Act, 2016 and operates as a subsidiary of the State Bank of Pakistan (SBP).

Its mandate is to compensate banks’ depositors in the unlikely event of any bank failure as and when notified by SBP.

The annual report of DPC for the year 2023-24 provides a graphical illustration of total and eligible deposits and the coverage ratio of banks’ depositors.

In terms of value, 51.3 percent of total conven}onal banking deposits and 63.4 percent of Islamic banking deposits are eligible for deposit protec}on in the unlikely event of a bank failure.

The annual report illustrates key features of deposit protection scheme and its targeted awareness campaigns and informative sessions conducted in various regions of the country.

A comprehensive financial review with comparative analyses spanning five years, along with auditor’s report and audited financial statements for 2023-24 have also been disclosed.

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