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RBI, Nepal Rastra Bank ink pact for supervisory info exchange

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The Reserve Bank of India signed the Memorandum of Understanding on Supervisory Cooperation and Exchange of Supervisory Information with Nepal Rastra Bank (NRB), Federal Democratic Republic of Nepal.

The MoU was signed by Mr. Narayan Prasad Paudel, Executive Director on behalf of Nepal Rastra Bank and Mrs. Meena Hemchandra, Executive Director on behalf of the Reserve Bank of India at the Central Office of Reserve Bank in Mumbai.

The Reserve Bank has so far entered into Memorandum of Understanding with supervisors of 27 countries and Letter for Supervisory Co-operation and Statement of Co-operation with supervisors of one country each to promote greater co-operation and share supervisory information.

By signing the MoU, RBI is seeking to promote greater co-operation and share supervisory information among the authorities. So far RBI has signed 27 such MoUs, one Letter for Supervisory Co-operation (LSC) and one Statement of Co-operation (SoC) in this regard.

About Nepal Rastra Bank

  • Nepal Rastra Bank (NRB) was established in April 26, 1956 as central bank of Nepal under the Nepal Rastra Bank Act, 1955
  • Headquarters is at Baluwatar, Kathmandu
  • Dr. Chiranjivi Nepal is the governer of NRB

About Reserve Bank of India

  • It commenced its operations on 1 April 1935 under the provisions of the Reserve Bank of India Act, 1934.
  • Headquarters is at Shahid Bhagat Singh Marg Mumbai, Maharashtra
  • Raghuram Rajan is the governor of RBI