RBI signs an information sharing agreement with US banking regulators

Reserve Bank of India (RBI) has signed an information sharing agreement with United States (US) banking regulators for better coordination with them in supervising financial institutions.
Earlier in December 2014, RBI had concluded a Statement of Co-operation (SoC) on “Supervisory Cooperation and Exchange of Supervisory Information” with the US banking regulators  like Board of Governors of the Federal Reserve System(FRB), Office of the Comptroller of Currency (OCC) and Federal Deposit Insurance Corporation (FDIC).
SoC was signed by Michael S Gibson- Director, FRB; Martin Pfinsgraff, Senior Deputy Comptroller-OCC; Doreen R Eberley, Director-FDIC and Indian counterpart P R Ravi Mohan, Chief General Manager-in-Charge, Department of Banking Supervision, RBI.

• RBI by signing such MoU/SoC with supervisors of other countries is seeking to promote greater co-operation and share supervisory information among the authorities.
• In this regard, RBI in total has signed 22 such MoUs, one Letter for Supervisory Co-operation and one SoC, with overseas regulators/supervisors.

Background
In September 2014, during Prime Minister Narendra Modi’s visit to the US, both countries had issued a joint statement to boost the efforts of the RBI and American banking regulators and supervisors for exchange of information to enhance the effectiveness of cross border supervision.

Month: Current Affairs - January, 2015