Unauthorized Deposits: New Warning from BoM

A statement from the central bank stressed that "only banks and non-banking institutions authorized" by the BoM may accept deposits from the public. The names of these institutions (see list below) are published in this release.

Banking authorities strongly recommend that members of the public "to verify the regulatory status of any individual / company / institution (person) solicits deposits and to ensure that the person is duly licensed and regulated by the bank before they invest with her. " The BoM also invites the public to inquire with the Financial Services Commission, the regulator of the financial services sector non-bank, whether a person is authorized to offer financial products or services.

"Members of the public should ensure at all times that their money is deposited with persons duly authorized to operate in Mauritius. Anyone who place deposits with persons that are not regulated, do so at their own peril, "warns the central bank.

Recalls that the BoM has asked the public to be cautious with respect to certain products currently available to ensure high rates of returns in a short period of time. Banking authorities had, in a statement dated 25 February 2013, noted that some deposit products would offer returns on investment of twice the amount saved over a very short period. They had pointed out that these products have never been approved and are not regulated by the BoM.

In its statement yesterday, the central bank invites the public to seek the advice of independent professionals on the nature of these savings products. She also announced a helpline (Telephone Nos: 2023802 or 2023943) was introduced to the bank for members of the public and that complaints can also be sent in writing to the Prime Governor Assistant or by email at the following address helpdesk@bom.mu . "Any information obtained will be treated in strict confidentiality. You can also refer the matter to the police, "said the BoM.

Moreover, we learn the side of the FSC that it is the process of gathering information about this issue and that "following the situation very closely." The FSC had also issued a statement to the public guard against deposit products fraudulent.

The list of banks authorized to accept deposits include: ABC Banking Corporation Ltd, AfrAsia Bank Limited, Bank One Limited, Bank of Baroda, Banque des Mascareignes Ltée, BanyanTree Bank Limited, Barclays Bank PLC, Bramer Banking Corporation Ltd, Century Banking Corporation Ltd, Deutsche Bank (Mauritius) Limited, Habib Bank Limited, HSBC Bank (Mauritius) Limited, Investec Bank (Mauritius) Limited, Mauritius Post and Cooperative Bank Ltd, P. T Bank Internasional Indonesia, SBI (Mauritius) Ltd, Standard Bank (Mauritius) Limited, Standard Chartered Bank (Mauritius) Limited, State Bank of Mauritius Ltd, The Hongkong and Shanghai Banking Corporation Limited et The Mauritius Commercial Bank Limited

The list of non-banking institutions authorized to accept deposits is as follows: AXYS Leasing Ltd, Cim Finance Ltd, Finlease Company Limited, La Prudence Leasing Finance Co. Ltd, Mauritius Housing Company Ltd, Mauritian Eagle Leasing Company Limited, SICOM Financial Services Ltd et The Mauritius Civil Service Mutual Aid Association Ltd.