THE financial safety net was significantly strengthened with the coming into force of the new Malaysia Deposit Insurance Corporation (PIDM) Act 2011 on Dec 31 2010, incorporating substantial enhancements to the consumer protection framework.
The new legislation widens the existing coverage under the deposit insurance system with an increased coverage limit of up to RM250,000 per depositor per member institution. Coverage is also now extended to foreign currency-denominated deposits.
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