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For peace of mind look for the PIDM sign that indicates your bank is a member bank. The authoritys predecessor the Land Development Corporation 土地發展公司 or 土發 for short was founded in 1988.
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Difficulties reaching agreement on compensation packages for people affected by planned redevelopments delayed the actual commencement of the URA.
. In Malaysia all deposits made at a member bank are automatically protected by Perbadanan Insurans Deposit Malaysia PIDM. In the event that your bank fails PIDM protects you against the loss of your deposits but only for up to RM250000 per depositor per bank. The new Urban Renewal Authority was founded in 1999 with the aim of speeding up urban renewal.
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