IFSCA signs MoU with RBI for supervision of regulated entities

IFSCA and RBI: The International Financial Services Centres Authority (IFSCA) and the Reserve Bank of India have entered into a Memorandum of Understanding for collaboration in the field of regulation and the supervision of the regulated entities in their respective jurisdiction.

Reserve Bank of India is the central bank and monetary authority of India, while the International Services Centres Authority is a unified regulator that is responsible for the development and regulation of financial products, financial services, and financial institutions.

The International Financial Services Centres Authority (IFSCA) and the @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

Read: https://t.co/gEyiqlzNAu

— PIB India (@PIB_India) November 16, 2022

IFSC signs MoU with RBI: Objective

According to an official statement released by the IFSC authority, the Memorandum of Understanding will facilitate technical cooperation and the exchange of information.

IFSC-RBI signs MoU

The Memorandum of Understanding between IFSCA and RBI also opens up avenues for cooperation between the two regulators. It will further strengthen the safety, stability, and soundness of respective financial ecosystems and nurture environments conducive to optimal business development and economic growth.

Reserve Bank of India

The Reserve Bank of India is a central bank and the monetary authority of India carrying on, inter-alia, the regulation and the supervision of banks and non-banking financial institutions. It also undertakes other functions and exercises powers in accordance with various statutes.

International Financial Services Centres Authority (IFSCA)

The International Financial Services Centres Authority (IFSCA) was established on April 27, 20220, under the International Financial Services Centres Authority Act, 2019.

IFSCA is headquartered at GIFT City, Gandhinagar in Gujarat. It is a unified authority for the development and regulation of financial products, financial services, and financial institutions in the International Financial Services Centre in India.

Before 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 IFSCA.

PESA Act: Madhya Pradesh Govt implements act to preserve tribal population from exploitation