A Joint Bank of Mauritius / Financial Services Commission Co-ordination Committee was set up to activate and expand on the existing Memorandum of Understanding between the two bodies with a view to consolidating the supervision of the financial sector and harmonising the regulatory framework.
The modernisation of the cheque-clearing system in Mauritius has reached an advanced stage, with the cheque truncation project expected to go live next year. Cheque truncation refers to the process by which cheques are cleared electronically without any physical movement. Banks can also utilise this technology to facilitate the clearing of cheques over the counter to provide a better service to their customers.