ON July 17, 2012, the RBI
entered into a Memorandum of Understanding (MoU) with
Financial Service Authority (FSA) of UK. The MOU is on “Supervisory Operation
and Exchange of Supervisory Information” to promote supervisory co-operation
between these institutions, and to provide for formal basis for co-operation in
the area of banking supervision, including for exchange of supervisory
information. Such co-operation will enable these supervisory entities to perform
their functions more effectively.
The MoU contains provisions for
sharing of supervisory information, co-operation in respect of on-site
examinations, crisis management and maintenance of confidentiality of
supervisory information shared between RBI and FSA.
RBI shares any
information received with regard to matters under the Financial Action Task
Force with the Financial Intelligence Unit-India (FIU-IND) for taking further
necessary action under the Prevention of Money Laundering Act, 2002.
This was stated by the Minister of State for Finance, Mr Namo Narain
Meena in written reply to a question in the Rajya Sabha today.
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