Ithala Bank has sought to clarify its status after reports that the Financial Sector Conduct Authority suspended its licence last week.Ithala SOC Limited apparently did not meet the specific financial requirements for financial service providers.
“Ithala SOC has its own FSP licence that has been suspended for now… IDFC we do have our own FSP licence. Which then means as the holding company under the economic development we still do have our licence that our subsidiary can still use,” adds Bhengi.