South African Reserve Bank launches Corporation for Deposit Insurance to protect depositors in the event that banks fail

Update@Noon

The South African Reserve Bank (SARB) says South African bank account holders may rest assured that their deposits are safe in their accounts. This comes as the central bank launched the Corporation for Deposit Insurance (CODI) in Johannesburg. CODI is a subsidiary of the Reserve Bank that will work with other financial sector players to protect depositors in the unlikely event that their bank fails and is placed into curatorship. Nothando Magudulela reports...