Deputy Governor State Bank Salimullah has told the Standing Committee of the Senate that if a bank goes bankrupt, the deposits of all the account holders are not protected.
In the meeting of the Senate Standing Committee on Finance, the Deputy Governor State Bank said that the rate of account holders having deposits up to Rs 5 lakh is 94 percent, only 6 percent of account holders have bank balance of more than Rs 5 lakh.
In a briefing to the Standing Committee, Deputy Governor State Bank said that account holders up to Rs 5 lakh can be paid through Deposit Protection Corporation, a subsidiary of State Bank of Pakistan.
Senate Standing Committee on Finance Chairman Salim Mandviwala has also said that according to the new law, only bank accounts up to Rs 5 lakh are protected.
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