the bank charges, fees and collateral securities regarding loans granted by financial institutions, he will,…
(No. B/1184) Mr R. Jhummun (Second Member for Rivière des Anguilles & Souillac) asked the Prime Minister, Minister of Defence, Home Affairs and External Communications, Minister of Finance, Minister for Rodrigues and Outer Islands whether, in regard to the bank charges, fees and collateral securities regarding loans granted by financial institutions, he will, for the benefit of the House, obtain from the Bank of Mauritius, information as to – (a) when same were last reviewed, and (b) whether consideration will be given to aligning same to international norms and standards applicable in other jurisdictions.
Madam Speaker, I am informed by the Bank of Mauritius that the fees, charges and commissions levied by banks are determined by these institutions themselves in the light of their business strategies, operational model, internal policies and risk assessments. Nonetheless, as the regulator for the banking sector, the Bank of Mauritius closely monitors the fees, charges and commissions charged by its licensees to ensure that these are not inordinate. Whilst the banking market is driven by competition, the Bank of Mauritius also focuses on protecting customers of banking services against abuses. In that regard, the Bank of Mauritius requires commercial banks to submit their schedule of fees, charges and commissions on a half-yearly basis to the central bank. With a view to enhancing transparency and enabling consumers of banking services to make informed choices, the Bank of Mauritius has made it mandatory for all banks to upload all information pertaining to fees and charges on their website and to affix these conspicuously
32 in all branches. The templates of all commercial banks are also published on the website of the Bank of Mauritius to enable customers to have a comparative view of all fees, charges and commissions charged by the banks. Furthermore, banks are obligated to notify the Bank of Mauritius of any change effected in their fees, charges and commissions, in which case these changes and their impact are assessed to safeguard the interests of customers and the public. The last submission by commercial banks of their fees and charges template was made in July 2025. By virtue of section 6 of the Bank of Mauritius Act 2004, the Bank of Mauritius has the power to regulate the fees and charges in respect of the services provided by these financial institutions and impose such limitation on the quantum of those fees and charges as it may deem appropriate. I am also informed by the Bank of Mauritius that issues pertaining to fees, charges and commissions as well as improvements to be brought to customer service delivery are discussed with the Chief Executive Officers of all the commercial banks during its quarterly Banking Committee Meeting chaired by the Governor of the bank. The last such meeting was held on the 19 November of this year. Madam Speaker, with regard to part (b) of the question, I am further informed by the Bank of Mauritius that although there are no generally agreed international norms or standards relating to fees and charges levied by banks, the Bank of Mauritius will carry out a comprehensive study on these fees and charges and take appropriate actions, if deemed necessary.
Okay! Time is up! Now, we have been advised that B/1186, B/1187, B/1192, and B/1193 have been withdrawn. Now, we go to questions to other Ministers. Hon. Fourth Member for Rodrigues, Mr J. Edouard. Is that right? You are not with me? Your questions to hon. Ministers! We are doing questions to hon. Ministers. Am I wrong?
Excuse me, Madam Speaker.
It happens to me as well, hon. Edouard. Do not worry!
33 RODRIGUES – EDUCATIONAL REFORM PROPOSAL – STATUS