18 Questions
What is the primary purpose of submitting a business plan as part of the banking licence application?
To outline the nature of the planned business and organisational structure
Which of the following documents is not required as part of the banking licence application?
Letter of recommendation from the Minister
What is the primary purpose of the central bank's requirement for a written confirmation from the banking supervisory authority in the applicant's country of incorporation?
To confirm the applicant's good standing with the foreign banking authority
What is the primary purpose of the requirement for a certified list of the full names and addresses of the directors, beneficial owners, and other senior officers of the applicant?
To identify the key individuals involved in the applicant's management
What is the primary purpose of the requirement for a copy of the financial statements of the applicant, as of a date within 60 days preceding the date of application?
To establish the applicant's financial stability
What is the purpose of the payment of the non-refundable processing fee as part of the banking licence application?
To cover the costs of processing the application
What is the minimum amount of assigned capital required to be held in assets for a banking licence in Mauritius?
400 million rupees
What is the time period within which the Bank of Mauritius must notify the applicant on whether the application is complete?
30 days
What is the purpose of the Bank of Mauritius' power to vary the conditions for the licence?
To provide flexibility in licence requirements
What is the consequence of not displaying the licence at a public part of the business premises?
Revocation of the licence
What is the primary consideration for the Bank of Mauritius in granting a banking licence?
Capital requirements
What is the maximum time period within which the Bank of Mauritius must provide its determination on the application?
60 days
What is the primary function of the Bank of Mauritius in the banking sector?
To regulate and supervise the banking sector
According to the traditional perspective, what is the primary role of banks?
To accept deposits and provide lending facilities
What is the purpose of the Banking (Processing and Licence Fees) Regulations 2015?
To prescribe the processing and licence fees for prospective and existing licensees
According to the United Dominion Trust Ltd. v. Kirkwood (1966) case, what do banks do with customer deposits?
They collect cheques on behalf of customers and place them to the customer's credit
What is the relationship between a bank and its customer?
A fiduciary relationship
What is the purpose of Section 2 of the Banking Act 2004?
To provide clarifications on the definition of banking
Quiz on Section 5(4) of the banking regulation in Mauritius, covering application requirements for a banking licence. Test your knowledge on the necessary documents and confirmations required.
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