He was, too, an ardent supporter of liberalisation, and had no doubt that, in the long run, it would improve the competitiveness of the Indian economy to the benefit of the Indian people. He would, I am sure, have been an enthusiastic supporter of many of the changes in India’s economy in recent years, while no doubt urging a still faster rate of progress.
In September 2016, a number of amendments were brought to the Banking Act 2004 and Bank of Mauritius Act 2004 to empower the Bank of Mauritius to discharge effective conglomerate and consolidated supervision. The Bank of Mauritius is now empowered to request information from any financial entity with a view to conducting in-depth analysis for financial stability purposes.