The Reserve Bank of India (RBI) has entered into a Memorandum of Understanding (MoU) with Financial Service Authority (FSA) of UK. The MOU is on “Supervisory Operation and Exchange of Supervisory Information” to promote supervisory co-operation between these institutions, and to provide for formal basis for co-operation in the area of banking supervision, including for exchange of supervisory information.
Such co-operation will enable these supervisory entities to perform their functions more effectively. The MoU contains provisions for sharing of supervisory information, co-operation in respect of on-site examinations, crisis management and maintenance of confidentiality of supervisory information shared between RBI and FSA. RBI shares any information received with regard to matters under the Financial Action Task Force with the Financial Intelligence Unit-India (FIU-IND) for taking further necessary action under the Prevention of Money Laundering Act, 2002.
The Supreme Court’s judgment to decriminalize Section 377 of Indian Penal Code (IPC) on 6th September 2019 was embarkation of a more egalitarian society. The verdict equipped members of LGBTQ commun More
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