SBP’s DPC becomes IADI member

KARACHI: The Secretariat of International Association of Deposit Insurers (IADI) has taken Deposit Protection Corporation (DPC), a wholly-owned subsidiary of State Bank of Pakistan (SBP), under its wing, a statement said on Friday.

As a member of IADI, the DPC would benefit through institutional capacity building and greater interaction with international deposit insurers to learn from their experiences. This will also complement the strategic goal of “strengthening the financial system stability regime” – one of the objectives of State Bank of Pakistan’s (SBP) Strategic Plan 2016-20.

The DPC is the 84th member of the global body of deposit insurers whose objective is to contribute to the enhancement of deposit insurance effectiveness and safety by promoting guidance and international cooperation.

Established in 2002, IADI is a non-profit organisation under the auspices of Bank for International Settlements (BIS). It is a forum for deposit insurers from around the world to gather and share knowledge and expertise.