Depositor protection limit increased by 50 million → 100 million...the passage of the National Assembly

An amendment to the Depositor Protection Act, which raises the deposit protection limit from 50 million won to 100 million won, passed the National Assembly plenary session.

The amendment was proposed with the aim of raising the amount of deposit protection, which has been at the limit of 50 million won per financial institution since 2001, in line with the size of the Korean economy that has grown so far.

The implementation period is within a year after the promulgation, but it allows financial authorities to decide when to apply it in consideration of market conditions.