The Banks Act was therefore amended to provide for the continuation of numerous informal savings clubs (“stokvels”) outside the normal constraints of bank regulation and supervision, but also then, of course, without access to central bank accommodation at the discount window. New legislation to provide for communal ownership of a banking institution was introduced in the form of the Mutual Banks Act.
Secondly, banking institutions adapted their own internal policies to provide for greater participation in the social upliftment programmes of the country, for example by entering into an agreement with Government to provide a minimum amount per year for low-cost housing.