Reserve Bank Governor Lesetja Kganyago has assured all depositors with the Limpopo-based VBS bank that their funds are secured. The Reserve Bank on Sunday announced the appointment of Sizwe Ntsaluba-Gobodo as curators of VBS to address the growing liquidity risk facing the mutual bank.
Kganyago says in terms of the curatorship, the board of VBS and management will hand over their powers to the curator. He says the bank will continue to collect loans and take deposits as usual.
“The SARB wishes to confirm that retail deposits amounting to R50 000 per depositors are guaranteed, other depositors are hereby also informed that the curator will act in the best interest of all depositors. VBS will remain open for business; the curator will ensure that all loans due are collected, lending and transactional services continue.”
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