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Date : Nov 07, 2013
RBI signs MoU on “Supervisory Cooperation and Exchange of Supervisory Information with Supervisors in Australia and New Zealand

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The Reserve Bank of India, on November 1, 2013, signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with Australian Prudential Regulation Authority (APRA). Later on November 4, 2013, it also signed a similar Memorandum of Understanding (MoU) with Reserve Bank of New Zealand (RBNZ). With this, the Reserve Bank has signed such MoUs with 18 supervisors.

The MoU with APRA was signed by Mr. John Laker, Chairman, APRA and Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India. The function was held at APRA Head Quarters in Sydney, Australia. Shri Arun Kumar Goel, Consul General, Indian High Commission in Australia, graced the occasion. The MoU with Reserve Bank of New Zealand was signed by Mr. Grant Spencer, Governor, RBNZ and by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India. The function was held at RBNZ Head Quarters in Wellington, New Zealand. Shri Mukesh Randev, First Secretary, Indian High Commission in New Zealand, graced the occasion.

The MoUs provide a formal, yet legally non-binding, channel for information exchange between the supervisors. The MoU provides for sharing of information on health of the supervised entities, cooperation between the supervisors during on-site examinations, frequent meetings between the supervisors and preserving the confidentiality of information shared. Thus MoU is not an event but a process for strengthening co-operation between the two supervisors. This is done through pre-identified contact points as mentioned in the MoU which makes it easier for either supervisor to get in touch with their counterpart in a far easier manner. The MoU does not override the laws of the land of either supervisor but only tries to build an environment of supervisory cooperation and coordination in complete adherence to such laws. The MoU is not just a document but a mechanism that aims to augment the supervisory strength of both supervisors in overseeing the supervised entities and address concerns, if any, in a timely manner.

Alpana Killawala
Principal Chief General Manager

Press Release : 2013-2014/941


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