The two central banks signed a Memorandum of Understanding (MoU) in Bali on the side lines of the G20 Finance Ministers and Central Bank Governors Meeting to improve cooperation.
With this MoU, RBI and BI committed to deepen relations between both central banks and strengthen the exchange of information and cooperation in the area of central banking, including payment systems, digital innovation in payments services, and regulatory and supervisory framework for AML-CFT, according to the official statement.
The MoU will be implemented through policy dialogue, technical cooperation, exchange of information, and joint work.
The MoU will also provide a basis for promoting mutual understanding, developing efficient payment systems, and achieving cross-border payment connectivity.
The MoU should enable both banks to further deepen their relations and facilitate their wish to make the financial systems accessible, inclusive, and secure.
RBI is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the issue and supply of the Indian rupee.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now