Regulatory Alerts2020-04-20
Prior Approval Requirement for Operating Hours, Branch Closures, and Service Retractions
The Central Bank of Seychelles mandates that all commercial banks, the Development Bank of Seychelles, and the Seychelles Credit Union must obtain prior regulatory approval before altering operating days or hours and closing branches. The directive additionally requires these financial institutions to notify the regulator in advance of any planned retractions to their standard service offerings. Issued on April 20, 2020, this circular ensures operational consistency and regulatory oversight across the national banking sector.
CENTRAL BANK OF SEYCHELLES P. O. Box 701, Victoria, Seychelles
Telephone: [+248] 428 20 00 Fax: [+248] 432 36 65 E-mail: enquiries@cbs.sc Ref: FSD/GEN/1 Date: April 20, 2020
To all Banks, Development Bank of Seychelles and Seychelles Credit Union
Approval prior to change in operating hours and closure of branches
Reference is made to the above subject matter.
Central Bank of Seychelles (CBS) hereby advises that all banks, the Development Bank of Seychelles (DBS) and the Seychelles Credit Union (SCU) are required to request the approval of CBS prior to effecting any changes in its operating days and hours as well as closure of any branches.
In addition, CBS requests that notification is also given prior to effecting any retraction in services provided by banks, DBS and SCU.
CBS trusts in your co-operation for adherence to the above.
Yours sincerely,
[Signature]
C. Abel (Ms) Governor