The International Financial Services Centres Authority (IFSCA) and the Reserve Bank of India (RBI) have entered into a memorandum of understanding (MoU) for collaboration in the field of regulation and supervision of regulated entities in their respective jurisdictions.
The MoU facilitates technical cooperation and the exchange of information.
The IFSCA, being a unified regulator responsible for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres(s) (IFSCs) established in India, is entrusted with the responsibility of regulation and supervision of authorized banks and non-banking financial institutions operating in IFSCs.
The MoU opens up avenues for cooperation between the two regulators, thereby strengthening the safety, stability, and soundness of respective financial ecosystems and nurturing environments conducive to optimal business development and economic growth.
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