SARB launches SA’s first deposit insurance body, covering up to R100K
SARB launches SA’s first deposit insurance body, covering up to R100K.
The South African Reserve Bank (SARB) has established South Africa’s first deposit insurance body, the Corporation for Deposit Insurance (CODI), to protect bank depositors and bring further confidence to a resilient financial sector.
Listen to analysis on Kaya Biz with Gugulethu Mfuphi.
The Corporation for Deposit Insurance (CODI) is South Africa’s first deposit insurance organization, and it was founded by the South African Reserve Bank.
Its creation supports the Reserve Bank’s mission to safeguard and improve financial stability by keeping an eye on the financial landscape and reducing structural risks that could destabilize the financial system.
Also Read: EKASINOMICS: Kaya Biz chats to the founder of Ekasi Spaza shop stokvel
In a statement released earlier this week the South African Reserve Bank (SARB) gave context of the responsibilities of Corporation for Deposit Insurance (CODI).
“CODI’s primary responsibilities are establishing, maintaining and administering a deposit insurance fund to protect the banks’ covered depositors and inform the depositors of its benefits and limitations should a bank be placed into resolution. CODI is developing secondary legislation which specifies the cover limit for depositors. “
“The secondary legislation will be passed through a Parliamentary process and published by National Treasury in 2023. The legislation is required for CODI to become operational in 2024 and provide the necessary protection for depositors.” read the statement.
READ NEXT: Three members of a Limpopo gang sentenced to a combined 705 years in prison
MORE ARTICLES
QUICK LINKS
UpComing Shows
The Best T in the City
With T Bose
He has held it down in the world of mid-morning radio with the best music, riveting topics, brilliant mixes and interesting guests. Every weekday, The Best T proves why he is the BEST by connecting to you like only your bro or favourite uncle could. He lets his listeners dictate the songs they want to hear in the ever-popular Top 10 at 10, and his Three Teaspoons never run out. Catch The Best T in the City Mondays to Fridays from 09h00 to 12h00.
close
Feel Good
With Andy Maqondwana
Feel good about feeling good! That's exactly what The Feel-Good show is about. An escape from the negativity that surrounds us, indulging you in good feels. Pass it on to one and all. Spread the good feeling around Gauteng with Andy Maqondwana.
close
Kaya Biz
With Gugulethu Mfuphi
The world of business is simplified for you by Kaya Biz with Gugulethu Mfuphi. This fast-paced award-winning business show talks to the corporate giants as well as up and coming entrepreneurs about their wins and challenges. Gugulethu invites guests to offer their analyses of markets and economies, and also delves into issues of personal financial wellness. Kaya Biz airs Mondays to Thursdays 18h00 to 19h00.
close
Point of View
With Phemelo Motene
Point of View with Phemelo Motene delves into the day’s current affairs, touches on real issues that affect people’s daily lives and shares expert advice on questions posed by the audience. Mondays to Thursdays 20:00 to 22:00.
close
959 Music Weekdays
Kaya 959 Hits
Real. Familiar. Memorable. Kaya 959 brings you the music you know and love from our playlist. Uninterrupted. Thursdays 20h00 to 21h00
closeConnect with Kaya 959
DownLoad Our Mobile App
