RBI, Bank of England Sign MoU Related to CCIL
On 1st December, 2023, the Reserve Bank of India (RBI) and the Bank of England (BoE) signed a Memorandum of Understanding (MoU) concerning cooperation and exchange of information in relation to the Clearing Corporation of India Ltd (CCIL).
Key Points
- The MoU establishes a framework for the BoE to place reliance on RBI’s regulatory and supervisory activities while safeguarding UK financial stability.
- It will also enable the BoE to assess the application of CCIL for recognition as a third-country Central Counterparty (CCP) which is a pre-requisite for U.K. based banks to clear transactions through CCIL.
- A key aspect of the MoU ....
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