RBI Signs MoU with Central Bank of Seychelles

Memorandum of Understanding MoU has been signed between Reserve Bank of India and Central Bank of Seychelles on exchange of information and mutual assistance in banking sector supervision. MoU was signed between SS Mundra, Deputy Governor of RBI and C.Edmond, First Deputy Governor of CBS.

• In the month of March, PM Narendra Modi visited Seychelles.
• Indian PM Modi also became the first Prime Minister from India in 33 years to go to Seychelles.
• To promote greater co-operation and sharing of supervisory informations amoung the authorities, RBI has been  signing MoU or Exchange of Letters EoL.
• RBI has now signed 25 such MoU’s , one Letter for Supervisory Co-operation, one Statement of Co-operation with overseas regulators.

Reserve Bank of India RBI– facts and figures

• RBI is India’s Central Banking institution which controls the Monetary Policy of Indian Rupee.Some i
• Rbi was formed in the year 1st April 1935.
• Present Governor is Raghuram Rajan.
• RBI has four zonal offices in New Delhi,Mumbai, Chennai and  Kolkata.
• It also has 19  regional offices located in places like Ahmedabad, Benguluru,Bhopal,Chandigarh etc.
• Its main functions are being regulators and  supervisor of the finance systems, managerial of exchange control, issuer of currency.

Some informations on Central Bank of Seychelles CBS

• CBS is Central Bank of the Indian Ocean island nation of Seychelles.
• Offices of the bank is in Victoria.
• Caroline Abel is the Governor and Mr  Edmond is Deputy Governor.

Memorandum of Understanding MoU– what it  means ??

• MoU is bilateral or multi lateral agreement between 2 parties.
• Convergence of will is expressed between the parties indicating an intended common line of action.
• Advantage of MoU over formal instruments is that without the need of approval from the parliament these can b put into effect in most countries