SARB slammed for failure to transform

SA RESERVE Bank (SARB) deputy governor Kuben Naidoo has been harshly criticised for seemingly coming out in support of the lack of transformation in the critical financial services sector.

The Progressive Professionals Forum (PPF) took issue with Naidoo for allegedly saying the “white monopoly capital” controlling the banking sector, was in fact providing financial stability to the country.

The forum called on the government to nationalise the Reserve Bank so that it could retain its rights, responsibility and obligation to transform it and by ex- tension, the industry.

In a statement the forum said: “It is PPF’s strongly held view that, if anything, the Absa saga, the recent bank collusion as discovered by the Competition Commission, represents SARB’s biggest failure in its critical mandate of regulating and managing the activities by banks.”