The South African Reserve Bank has established South Africa’s first deposit insurance body, the Corporation for Deposit Insurance (CODI) to protect bank depositors and bring confidence to a resilient financial sector.
SABCThe South African Reserve Bank has established South Africa’s first deposit insurance body, the Corporation for Deposit Insurance to protect bank depositors and bring confidence to a resilient financial sector.
The recent financial sector crisis sparked by the Silicon Valley Bank collapse due to liquidity risk has compelled authorities to be more stringent and careful with depositors’ money. CODI’s primary responsibilities are to establish, maintain and administer a deposit insurance fund to protect the bank’s covered depositors and inform the depositors of its benefits and limitations should a bank be placed into resolution.
Deputy Governor of the South African Reserve Bank, Kuben Naidoo says, “Towards the end of March 2023, the Minister of Finance signed the commencement schedule for deposit insurance. From the 1st of April 2024, South African depositors will be protected by what we call the corporation for deposit insurance . CODI is an entity that is located with the South African Reserve Bank. With CODI, depositors should be able to receive their money in 2 to 3 weeks.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DA congress adopts resolution to protect SA Reserve Bank's independenceThe DA said it rejects threats to erode the independence of the central bank through nationalisation.
Read more »
DA passes resolution to protect Reserve Bank independence amid worries about fiscus being drained | News24Having reformulated its policies in 2020, the Democratic Alliance on Sunday consolidated the party’s policy position ahead of the 2024 national elections. | JKwritingz
Read more »
DA resolves to protect the Reserve Bank's independenceThe DA says the independence of the Reserve Bank must be protected. Any move by the ANC and EFF to nationalise and change its mandate must be rejected, the party resolved at its congress.
Read more »
DA resolves to protect the Reserve Bank's independenceDA resolves to protect the Reserve Bank's independence: The DA says the independence of the Reserve Bank must be protected. Any move by the ANC and EFF to nationalise and change its mandate must be rejected, the party resolved at its congress.
Read more »
DA resolves to protect the Reserve Bank's independenceThe DA says the independence of the Reserve Bank must be protected. Any move by the ANC and EFF to nationalise and change its mandate must be rejected, the party resolved at its congress.
Read more »
Can the Reserve Bank tame the inflation beast?Nobody should doubt the resolve of the central bank when it comes to bringing inflation down, even if it means hiking rates into a recession, writes ClaireBisseker.
Read more »