‘It makes sense to protect depositors’: Reserve Bank launches deposit insurance

Reserve Bank Governor Lesetja Kganyao launched the Corporation for Deposit Insurance (CODI) on Thursday in Johannesburg.

Reserve Bank Governor Lesetja Kganyago launched the Corporation for Deposit Insurance on Thursday.

Sarb’s introduction of Codi is in line with the central bank’s mandate to ensure stability in the financial sector, hence the move to protect individuals and non-financial businesses. “It’s regular depositors were provided with accounts at another bank, which carried for amounts up to R100 000 – covering 98% of the bank’s depositors.”

“Qualifying products typically include, but are not limited to, savings accounts; current accounts; transactional accounts; term and notice accounts; Islamic Wadi’ah, Qard and Murabaha products; and tax-free savings accounts,” Sarb said.

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