RBI, FSA of Japan sign pact for cooperation in banking supervision

MUMBAI: Reserve Bank today entered into an agreement with Financial Services Agency ( FSA), Japan, for cooperation in the area of banking supervision.

A 'Letter' in this regard was signed and exchanged between the two parties FSA Head Quarters in Tokyo, the apex bank said in a statement.

RBI has been signing the Memorandum of Understanding (MoU) with supervisors of other countries to promote greater co-operation and sharing of supervisory information.

Till date, it has signed 19 such MoUs. Exchange of Letters (EoL) is also a popular practice among the global supervisors for setting up a formal platform/gateway for exchange of supervisory information and enhancing supervisory cooperation.

This is the first EoL being entered into by RBI with an overseas supervisor.