President Cyril Ramaphosa during his first question-and-answer session in Parliament in March 2018. President Cyril Ramaphosa on Tuesday expressed support for a legislative amendment to create a state-owned bank and expand the banking sector in SA. Photo: Phando Jikelo / ANA

PARLIAMENT - President Cyril Ramaphosa on Tuesday expressed support for a legislative amendment to create a state-owned bank and expand the banking sector in South Africa.

Ramaphosa was grilled by Economic Freedom Fighters (EFF) chief whip Floyd Shivambu about the opposition party's private members' bill to amend the Banks Act which was gazetted by Parliament for public comment this week.

Replying during his second question-and-answer session in the National Assembly, Ramaphosa said a state-owned bank was a resolution already passed by his ruling African National Congress.

"Indeed it may well result in amendments to the Banks Act and those are the mechanisms that need to be looked at, to be pursued, so yes I support a state-owned bank..because it is through this bank that we would be able to broaden the money pool in our country," he said.

"In fact we should really be looking at creating more banks in our economy..that should make money available to citizens of our country. 

- African News Agency (ANA)