REPUBLIKA.CO.ID, JAKARTA -- The Deposit Insurance Corporation (LPS) expands its guarantee program to customers, both in banking industry and insurance. LPS chief executive director, Kartika Wirjoatmodjo said that all banking companies in Indonesia should be supervised by LPS, including local banks and foreign banks.

"We will develop our function, not only for commercial banks, but also rural banks. The next challenge, we will protect insurance clients," Wirjoatmodjo said recently as reported by Budi Rahardjo.

There are 1,914 banks, which became LPS members, consisted of 119 commercial banks and 1,795 rural banks, based on LPS data per April 2014. LPS serves as deposits guarantor, which actively maintains banking system stability based on its authority.

LPS has liquidated 58 banks with total claims of 737.22 billion IDR. LPS total assets reached 47.78 trillion IDR per April 30, 2014.

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