Claim: SAMAA TV, GNN TV, Geo News, and other traditional media reported a news claiming that bank deposits of more than Rs 0.5 million are not protected, account holders be aware before depositing money in banks.
Fact: On October, 4 Samaa tv, GNN Tv, and Geo News aired misleading news reports, claiming that the state bank issued a statement, informing the bank customers that deposits of more than Rs 0.5 million are not protected by the government. (Archive) (Archive) (Archive)
FACT AND FICTION: Samaa TV, GNN TV, Geo News aired misleading reports also some digital and newspapers published the news, however the State Bank of Pakistan on Thursday issued a statement of clarification said that the bank deposits are perfectly safe owing to a sound banking system under a robust regulatory and supervisory framework. SBP further clarifies that (Archive) under the new policy Deposit Protection Corporation DPC, a subsidiary of SBP has added another layer of protection by providing insurance cover of up to Rs 500,000 to every depositor.
1/2 #SBP clarifies that bank deposits are perfectly safe owing to a sound banking system in Pakistan under a robust regulatory and supervisory framework. See PR: https://t.co/zLD1B94RdO#SBPClarification pic.twitter.com/d6O2hu9Dun
— SBP (@StateBank_Pak) October 5, 2023
Samaa tv later on Thursday also clarified its report after the clarification of SBP. (Archive)
Virility: The breaking news video aired by Samaa tv was watched by 3.4 million people on Facebook. 54K views on GNN Tv Youtube channel and 198K on Geo News Youtube Channel.
Conclusion: The Tv channels and other publications reported misleading news, however the state bank of Pakistan issued clarification followed by the misleading reports, stating that bank deposits are perfectly safe.