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 â€œSupervisory Operation and Exchange of Supervisory Informationâ€ 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.
Every time an offender stealthily leaves India to take refuge in another country, the Government of India starts all over again with its strategy of bringing him back to the nation to make him stan More
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