Malaysia introduces deposit insurance scheme

Malaysia introduced deposit insurance on Thursday 1 September, establishing an independent body to insure people against the loss of their bank savings.

Savings will be insured for up to 60,000 ringgit ($15,910) each against the loss of their bank savings.

The new system will begin immediately, and will enhance consumer protection, public confidence in financial institutions and marks a major step in the development of Malaysia's financial system, the central bank said.

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