RBI, Bank of England sign MoU to facilitate cross-border settlement, clearing activities
Dec 08, 2023
New Delhi [India], December 8 : The Reserve Bank of India (RBI) and Bank of England (BoE) have signed a Memorandum of Understanding (MoU) to cooperate and exchange information regarding the Clearing Corporation of India (CCIL).
Notably, CCIL is an entity regulated and supervised by RBI.
The Indian High Commission in London informed in a press release that the MoU was signed by RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability, Sarah Breeden.
The MoU aims to establish a framework for effective facilitation of cross-border settlement and clearing activities.
"The MoU establishes a framework by which RBI and BoE can work to cooperate, coordinate their supervisory functions and exchange formations related to CCIL, for effective facilitation of cross-border settlement and clearing activities," the release stated.
The two central banks stated that they are committed to deepening relations and strengthening information sharing.
"Under this MoU, RBI and BoE are committed to deepening relations and strengthening their information sharing mechanism, in line with their respective laws and regulations," the release added.
