The Reserve Bank is hoping that SA’s new deposit insurance scheme will help to drive an increase in the interest rates banks pay on deposits and enhance smaller banks’ ability to compete, at the same time as it underpins trust in the banking system.
The Bank on Thursday launched the new scheme, which was first mooted during SA’s 2002 small-banks crisis and is designed to protect customers losing deposits if a bank fails. The new Corporation for Deposit Insurance (Codi) will protect the deposits of individual and non-financial business customers up to R100,000...
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