DIB provides protection to depositors’ funds against loss arising from failure of a bank or deposit-taking financial institution.
The Board of Directors of DIB is the apex decision making organ. The Board comprises of six (6) members; the Governor of BOT (Chairman), representative from the Ministry of Finance and Planning – United Republic of Tanzania, Permanent Secretary Treasury – Revolutionary Government of Zanzibar and three other members appointed by the Minister for Finance Continue Reading
Section 41 of the Banking and Financial Institution Act 2006 gives power to the Bank of Tanzania to appoint DIB as liquidator of failed banks and financial institutions. Since its establishment, the DIB has been appointed to liquidate nine banks; Greenland Bank (T) Ltd, Delphi’s Bank (T) Ltd, FBME Bank Ltd, Mbinga Community Bank PLC, Continue Reading
The DIB responsibility is to provide protection to depositors’ funds against loss arising from failure of a bank or deposit-taking financial institution (to the extent provided by the law) so as to maintain depositor’s confidence in the banking system. Currently, the maximum coverage is TZS 1.5 million per depositor per bank.