Abu Dhabi: Central Bank of the UAE announced that it has signed a Memorandum of Understanding (MoU) with the Reserve Bank of India aimed at supervisory co-operation and exchange of information.
Saeed Abdulla Al Hamiz, Assistant Governor for Banking Supervision signed the MoU on behalf of Central Bank of the UAE and Meena Hemchandra, the Executive Director signed on behalf of the Reserve Bank of India, a press release issued by the Central Bank of the UAE said on Monday.
According to it, the MoU puts a mechanism to cooperate in supervision of banks and other financial institutions operating in both jurisdictions and exchange of supervisory information, in line with local laws of each jurisdiction and in accordance with the principles of Basel Committee on Banking Supervision on Home-Host country’s supervisory authorities information sharing, which would contribute to the realisation of a sound financial system in the UAE and India .
Al Hamiz from Central Bank of the UAE emphasised in a statement the need for cooperation and coordination with supervisory authorities to ensure the stability of the financial system.
Hemchandra said the UAE has become a hugely important financial centre and an area with which we see increasing levels of financial business being undertaken.
“Our two institutions have had a developed association for some time and regular cause for dialogue. The MoU will serve to enhance this relationship.”
