Why not raise deposit insurance limit?
THE EDITOR, Sir:
The Jamaica Deposit Insurance Corporation was established in 1998 with the objective of protecting the deposits of the savers in the financial institutions. It was stated that the insurance coverage will be about twice the per-capita income.
The JDIC limit of J$600,000 was last revised in July 2007. Can somebody explain the reasons why the limit has not been revised for the last eight years and whether the initial objective of keeping it at twice the level of per-capita income is being achieved ?