In the aftermath of the global crisis which has been of unprecedented magnitude, banks have been called to become leaner and fitter. Alongside, the job of regulators has become even more complex given their mandate to maintain soundness and stability of the financial system.
Presently, the Bank of Mauritius is engaged in constantly upgrading its prudential and supervisory norms to keep pace with international best practices in the regulation and supervision of financial institutions falling under its purview. The recent financial crisis bears witness to the fact that a mere slackening of vigilance can give rise to devastative snowball effects.