The establishment of Deposit Protection Corporation (DPC) is one of the milestones that the State Bank of Pakistan (SBP) has achieved to strengthen the financial system of the country. DPC came into existence in wake of the DPC Act 2016, to compensate the small and financially unsophisticated depositors to the extent of protected deposits in the unlikely event of a bank failure.
Under the Supervision of an independent and professional Board of Directors, the Corporation has set up its strategic directions vide DPC Strategic Plan 2019-24 and envisioned to be an effective deposit protection provider in adherence with the international standards.
The Strategic Plan entails various developmental activities including; development of effective, smooth, and quick reimbursement procedure, Public awareness strategy on protection of deposits; establishment of communication channels; and continuous review of premium collection policies. Moreover, the corporation intends to bring technological solutions in its operational and developmental activities.
As a Managing Director, I would like to take this opportunity to share the significant progress shown by the corporation since its inception. The Corporation succeeded to develop and implement a deposit protection mechanism and devised its separate investment policies for both conventional and Islamic funds. Further, it has also invested its funds with efficient portfolio management and in near future, DPC will be prepared to meet any contingency, which is a remarkable achievement.
While looking at the pace of achievements, it is evident to foresee the vital role of the corporation in strengthening the banking sector of the country. I would also appreciate the efforts of the DPC team working behind and contributing their part to fortify the base of the corporation.
I wish the corporation a better future and congratulate to all the depositors for being protected and safer banking ahead.