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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.
According to an official statement from IFSC Authority released on Wednesday, the MoU facilitates technical cooperation and the exchange of information. The RBI is the central bank and monetary authority of India carrying on, inter-alia, the regulation and supervision of banks and non-banking financial institutions as well as undertaking other functions and exercising powers in accordance with various statutes The memorandum of understanding (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, the Authority said on Wednesday. The IFSCA was established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar in Gujarat. The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. The GIFT IFSC is currently the maiden international financial services centre in India. Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, Securities and Exchange Board of India (Sebi), Pension Fund Regulatory and Development Authority (PFRDA) and Insurance Regulatory and Development Authority (IRDAI) regulated the business in IFSC. (ANI)
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