CURRENT AFFAIRS : BANKING & FINANCE
RBI and Bank of England Ink MoU for Collaboration and Information Sharing on CCIL
- The Reserve Bank of India (RBI) and the Bank of England (BoE) signed a Memorandum of Understanding (MoU) for cooperation and information exchange regarding the Clearing Corporation of India Ltd. (CCIL).
- Objective of the MoU : To encourage the European Securities and Markets Authority (ESMA) to reconsider recognizing at least one of the Indian central counterparties (CCPs).
- The MoU establishes a framework for the BoE to rely on the regulatory and supervisory activities of the RBI, ensuring the stability of the UK financial system.
- The agreement highlights the significance of cross-border cooperation to facilitate international clearing activities and reflects the BoE’s commitment to deference to other regulators’ regimes.
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