Sarb Marks Codis First Year Protecting Depositors

The Reserve Bank has been celebrating the first anniversary of the Corporation for Deposit Insurance CODI.

Established in April last year, CODI seeks to ensure that part, if not all bank depositors funds are protected in the event of a bank failure.

Funded by the banking sector, currently, CODI has a coverage limit of up to R100 000 and has been running for more than a full year now.

The Reserve Bank says its introduction has gone a long way in boosting financial stability in the country.

Dr Mampho Modise, deputy governor of the South African Reserve Bank SARB, says CODI protects vulnerable depositors by insuring up to R100 000 per person, covering 95 of all deposits.