More than 20 years in the making, the Corporation for Deposit Insurance Scheme was launched on Thursday.
JOHANNESBURG - The South African Reserve Bank has finally rolled out the deposit insurance fund - which is set to protect consumers with savings from any bank failure.
It’s expected to act as a financial safety net and protect depositors with savings at the country’s local banks. In the rare event that a bank fails, is liquidated and placed into resolution the deposit insurance will kick in.The fund will protect individual customer cash deposits but only up to R100,000.
This means if you’re a depositor with R150,000 at a certain bank that goes under R100,000 of the savings will be rescued though you lose the remaining funds.“The Reserve Bank has a mandate for financial stability, and with the introduction of deposit insurance today we take a step forward to make the financial system even safer.”SA citizens and taxpayers were defrauded out of roughly R2 billion in what's now dubbed the great bank heist.
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