Deposit Protection Corporation Act, 2016 (Pakistan)

The Act established the Deposit Protection Corporation (Corporation) as a subsidiary of the State Bank. Banks enumerated under the Act are compulsory member institutions of the Corporation and are obligated to pay the prescribed premium. As a general rule, the Corporation guarantees full payment of funds held in a depositor's account with a member institution, regardless of the number and size of the deposits, up to an amount prescribed by the Corporation. It also lays down the procedure for the reimbursement of protected deposits.