The International money Services Centres Authority (IFSCA) and also the bank of India (RBI) have entered into a memo of Understanding (MoU) for collaboration within the field of regulation and superintendence of regulated entities in their several jurisdictions. The MoU facilitates technical cooperation and exchange of data.
The IFSCA, being a unified regulator accountable for development and regulation of economic product, money services and money establishments within the International money Services Centre(s) (IFSC) established in India, is, inter-alia, entrusted with the responsibility of regulation and superintendence of licensed banks and non-banking money establishments in operation in such IFSCs. The run is that the financial organization and financial authority of India carrying on, inter-alia, the regulation and superintendence of banks and non-banking money establishments furthermore as endeavor alternative functions and travail powers in accordance with numerous statutes.
The MoU parades avenues for cooperation between the 2 regulators, thereby strengthening the security, stability and soundness of several money ecosystems and nurturing environments tributary to optimum business development and economic process.
