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RBI inks MoUs with UK, Norway regulators

Last Updated: Tuesday, July 31, 2012 - 22:44

Mumbai: The Reserve Bank has signed memoranda of understanding with regulators of UK and Norway among others to promote greater co-operation and sharing of supervisory information.

The MoU with the Financial Services Authority (FSA), UK was signed by RBI executive director P Vijaya Bhaskar and Andrew Bailey, Director of FSA on July 17, the Reserve Bank of India said in a statement Tuesday.

The FSA is the United Kingdom's principal national financial services and markets regulator and administers the Financial Services and Markets Act 2000, it added.

The MoU with the Financial Supervisory Authority of Norway (Finanstilsynet) was signed by RBI Department of Banking Supervision Chief General Manager-in-Charge G Jaganmohan Rao and Emil Steffensen Deputy Director General of FSA, Norway on July 19, the apex bank said.

Finanstilsynet is entrusted with supervision of banks in Norway, in accordance with the Financial Supervision Act of 1956, it added.

The apex bank also signed MoU with Jersey Financial Serivices Authority (JFSC) on July 16 at JFSC headquaters in Jersey.

JFSC is responsible for regulation, licencing and supervision of financial services providers for compliance with prudential norms and conduct of business requirements in Jersey.

The Reserve Bank has been signing the MoU with regulators of other countries and so far has signed nine such MoUs.


First Published: Tuesday, July 31, 2012 - 22:44
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