Sarb calls for comment on framework for deposit insurance scheme
Facility will provide cover of up to 100,000 rand in the event of a bank failure
The South African Reserve Bank (Sarb) has issued a public consultation on the development of a deposit insurance scheme (DIS) to protect “less financially sophisticated” depositors from bank failure.
In the document, published on May 30, the central bank sets out the parameters for an “explicit and privately funded” system, with a specific focus on mandate, governance, membership and funding arrangements.
“By protecting the covered deposits in all banks, the deposit insurance scheme can
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