SEOUL (Reuters) – Alarmed by the global turmoil in the banking sector, South Korea’s ruling and main opposition parties have proposed to at least double the sum protected by law in bank deposits.
Bills drafted separately by lawmakers of the two parties, together holding 95% of the seats, seek to raise the maximum amount guaranteed in deposits to at least 100 million won ($76,405) per account holder from 50 million won now.
Lawmakers of the opposition party, which holds a majority of seats at the parliament, said in the proposal that it was time to increase the amount in line with the growth in the country’s economy since the ceiling was set in 2001.
Korea Deposit Insurance Corporation is in charge of the deposit insurance system in South Korea.
($1 = 1,308.8100 won)
(Reporting by Jihoon Lee; Editing by Choonsik Yoo and Sonali Paul)
