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The Prudential Authority’s decision to file for provisional liquidation of Ithala may lead to the closure of 257,000 depositors’ accounts. Ithala, facing insolvency, failed to meet conditions for a banking license. The Reserve Bank cites losses and high costs. Ithala disputes the action, claiming solvency. Legal battles ensue, with Ithala seeking government intervention to protect jobs and services. Treasury assures depositors of protection.
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