Remember when thousands of depositors had to wait to get their deposits back when VBS bank failed? It will not happen again from next year. 💵 Economy
Bank depositors’ money will be protected from 1 April next year after the finance minister established a deposit insurance body recently. This will protect consumers against waiting months for their deposits to be paid back after a bank collapses, as happened with VBS a few years ago.
According to Kuben Naidoo, deputy president of the Sarb, Codi’s primary responsibilities are to establish, maintain and administer a deposit insurance fund to protect the banks’ covered depositors and inform them of its benefits and limitations should a bank be closed. The establishment of Codi supports the Sarb’s mandate to protect and enhance financial stability by monitoring the financial environment and mitigating systemic risks that might disrupt the financial system.Codi is already collaborating with financial institutions and other stakeholders, including the World Bank, to ensure a smooth implementation of the deposit insurance scheme. It is also developing secondary legislation that will specify the cover limit for depositors.
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