JOHANNESBURG - If you deposit up to a hundred thousand rand, the Reserve Bank will have your back should that bank collapse.
Through the establishment of the Corporation for Deposit Insurance, the central bank aims to protect bank depositors and also help instill confidence in the financial sector.
Finance Minister Enoch Godongwana signed the commencement schedule on the 24th of March, giving the body the status of a legal entity.
Reserve Bank Deputy Governor, Kuben Naidoo says it will cover deposits from 1 April 2024.