Having introduced the Real Time Gross Settlement system and the Mauritius Credit Information Bureau, the Bank created a new Division, the Payment Systems Division. In the light of constantly emerging challenges, the Bank of Mauritius Act and the Banking Act 1988 were completely overhauled. It’s an exercise that took the Bank 8 years of work diligently done.
In 2004, a thoroughly updated version of the Bank of Mauritius bill and a banking bill were put forward for enactment. Whereas in the previous Act, the Minister of Finance could give directives to the Bank, in the new Act, this power to issue directives to the Bank was done away with. The Bank of Mauritius was given full independence.