Silver Bank Bankruptcy: Depositors Will Be Covered Up to Rs 300,000

The Mauritius Deposit Insurance Corporation Ltd recently announced the implementation of a compensation scheme following the revocation of the banking license of Silver Bank Limited by the Bank of Mauritius on April 30, 2026.

The agency's board of directors subsequently declared the institution bankrupt.

Huns Biltoo from KPMG Mauritius has been appointed as the judicial administrator. The Bank of Mauritius will act as the agent bank to ensure the payment of compensations, which apply to eligible individual residents' depositors.

The process relies on a consolidated list of insured depositors prepared by the liquidator.

The amount to be compensated includes both capital and interest, after deducting any debts owed to the bank.

Once the claims are validated, payments will be made within seven working days.

Depositors with an active local bank account will receive a transfer. Others will be compensated by check, which can be collected at the Bank of Mauritius within three months.

Deposits up to Rs 300,000 will be fully covered. Beyond this limit, the remaining balance may be claimed from the liquidator.