RBI & BoE Sign Pact for Clearing Corporation of India
By Rediff Money Desk, MUMBAI Dec 01, 2023 16:31
RBI and Bank of England sign MoU for cooperation and information exchange related to Clearing Corporation of India Ltd. (CCIL) to facilitate international clearing activities and enhance financial stability.
Mumbai, Dec 1 (PTI) The Reserve Bank of India (RBI) and the Bank of England on Friday signed an initial pact for cooperation and exchange of information related to Clearing Corporation of India Ltd (CCIL).
The Memorandum of Understanding (MoU) establishes a framework for the Bank of England (BoE) to place reliance on the RBI's regulatory and supervisory activities while safeguarding the UK's financial stability, the RBI said in a statement.
"The MoU also demonstrates the importance of cross-border cooperation to facilitate international clearing activities and the BoE's commitment to deference to other regulators' regimes," it added.
Further, the statement said the MoU confirms the interests of both authorities in enhancing cooperation in line with their respective laws and regulations.
"It will also enable the BoE to assess the application of CCIL for recognition as a third country Central CounterParty (CCP), which is a pre-requisite for UK-based banks to clear transactions through CCIL," the statement said.
The MoU was signed by RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden in London.
The Memorandum of Understanding (MoU) establishes a framework for the Bank of England (BoE) to place reliance on the RBI's regulatory and supervisory activities while safeguarding the UK's financial stability, the RBI said in a statement.
"The MoU also demonstrates the importance of cross-border cooperation to facilitate international clearing activities and the BoE's commitment to deference to other regulators' regimes," it added.
Further, the statement said the MoU confirms the interests of both authorities in enhancing cooperation in line with their respective laws and regulations.
"It will also enable the BoE to assess the application of CCIL for recognition as a third country Central CounterParty (CCP), which is a pre-requisite for UK-based banks to clear transactions through CCIL," the statement said.
The MoU was signed by RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden in London.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- AvanceTechnologies
- 0.94 ( -4.08)
- 36935326
- Vodafone Idea L
- 7.88 ( -2.11)
- 35484083
- Srestha Finvest
- 0.68 (+ 3.03)
- 30298217
- ARC Finance
- 2.78 (+ 2.96)
- 16033600
- Suzlon Energy Ltd.
- 62.50 ( -6.49)
- 13725252
MORE NEWS
Zomato, Swiggy Found Violating Competition...
A CCI probe has found that food delivery platforms Zomato and Swiggy engaged in unfair...
Action Construction Q2 PAT Up 28% to Rs 95 Crore
Action Construction Equipment Ltd saw a 28% rise in Q2 PAT to Rs 94.82 crore on higher...
Air India Express Expands Network, Adds...
Air India Express plans to increase its fleet to 110 aircraft by March 2025 and expand...