The Reserve Bank of India on Wednesday said that it has 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.
"The Reserve Bank of India had entered into an MoU for Supervisory Co-operation with the Financial Services Authority (FSA) of the UK in July 2012. Subsequently, as part of comprehensive reforms implemented in UK financial services regulation, the functions exercised by FSA were transferred to PRA, FCA and Bank of England. 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", the RBI said.
The MoU with FCA was signed by Mr. John Griffith Jones, Chairman on behalf of FCA and Shri S. S. Mundra, Deputy Governor on behalf of the Reserve Bank of India.
With this, the Reserve Bank has entered into Memorandam 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.