RBI, US financial regulators sign info sharing agreement

MUMBAI: The RBI has signed an information sharing agreement with US banking regulators for better coordination with them in supervising financial institutions.

During Prime Minister Narendra Modi's visit to the US in September last year, both countries issued a joint statement to corroborate the efforts of the RBI and American banking regulators and supervisors for exchange of information to enhance the effectiveness of cross border supervision.

Since then, India and the US have moved fast to expand partnership in oversight of financial institutions, including between RBI, FRB, OCC and the FDIC.

"The Reserve Bank, on December 9, 2014, concluded a Statement of Co-operation (SoC) on Supervisory Cooperation and Exchange of Supervisory Information with the Board of Governors of the Federal Reserve System (FRB), Office of the Comptroller of Currency (OCC) and Federal Deposit Insurance Corporation (FDIC)," RBI said in a notification today.

The SoC was signed by Michael S Gibson, Director, FRB; Martin Pfinsgraff, Senior Deputy Comptroller, OCC; Doreen R Eberley, Director, FDIC and P R Ravi Mohan, Chief General Manager-in-Charge, Department of Banking Supervision, RBI.

RBI has been signing Memorandum of Understanding/Letter for Supervisory Co-operation/Statement of Co-operation with supervisors of other countries to promote greater co-operation and share supervisory information among the authorities.

So far, RBI has signed 22 such MoUs, one Letter for Supervisory Co-operation and one Statement of Co-operation, with overseas regulators/supervisors.