So, the Reserve Bank is busy with a project to establish a Deposit Insurance Scheme (DIS) in order to protect any depositor (natural person) up to R100,000 per bank, should that bank go under.
I found this very informative and to the point document on the SARB site, since my bank had no idea what I was talking about when I inquired about this over the past few months.
I'm reckon that SA Banks aren't keen to widely publicize the information around this, as it may raise awkward questions in the meantime and scare larger depositors away from their savings products, but I believe its in the best interest of all depositors to know exactly how safe their money is in the SA banking system, as to educate depositors to take measures that makes them feel more at easy as to how their savings are hedged, etc. - especially in these very uncertain time we are currently in.
Looks like the plan is to get this established through 2023 and finally implemented by the 1st quarter of 2024, which is still some time from now.
Comments will be welcome and input form members who are in the banking sector will be appreciated.
Here is the document for your information and there is also an email address which the SARB provide, should members of the public have any additional questions around this matter.
I found this very informative and to the point document on the SARB site, since my bank had no idea what I was talking about when I inquired about this over the past few months.
I'm reckon that SA Banks aren't keen to widely publicize the information around this, as it may raise awkward questions in the meantime and scare larger depositors away from their savings products, but I believe its in the best interest of all depositors to know exactly how safe their money is in the SA banking system, as to educate depositors to take measures that makes them feel more at easy as to how their savings are hedged, etc. - especially in these very uncertain time we are currently in.
Looks like the plan is to get this established through 2023 and finally implemented by the 1st quarter of 2024, which is still some time from now.
Comments will be welcome and input form members who are in the banking sector will be appreciated.
Here is the document for your information and there is also an email address which the SARB provide, should members of the public have any additional questions around this matter.
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