RBI in information exchange deal with British financial supervisors

Mumbai, Dec 2 (IANS) The Reserve Bank of India on Wednesday said it has signed an agreement with Britain’s Prudential Regulation Authority and Financial Conduct Authority for supervisory cooperation and exchange of information.

“The Reserve Bank signed separate Memoranda of Understanding (MoUs) on Supervisory Cooperation and Exchange of Supervisory Information with Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), United Kingdom,” RBI said in a statement here.

RBI had inked an MoU for supervisory co-operation with Britain’s Financial Services Authority in July, 2012.

The functions of the FSA were subsequently transferred to PRA, FCA and the Bank of England, RBI said.

The transfer of functions from FSA to PRA and FCA necessitated signing of separate MoUs for supervisory co-operation between the Reserve Bank and the PRA and FCA, it added.

“With this, the Reserve Bank has entered into Memorandum of Understanding/Letter for Supervisory Co-operation and Statement of Co-operation with supervisors of 33 countries to promote greater co-operation and share supervisory information,” RBI said.

 

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