1. To provide protection for depositors. Reimbursement shall be made to insured depositors within a certain period of time when a particular financial institution fails.
|Benefits of Deposit Protection System
1. Benefits for depositors: Deposits placed in insured financial institutions are automatically protected according to this Act. Depositors shall neither hold concerns nor partake in any process pertinent to insured deposits when an insured financial institution’s license is revoked. Reimbursement shall be made within a certain period of time. Access to financial information shall also be encouraged.