Central bank, RBI to boost supervisory controls

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Central bank, RBI to boost supervisory controls
Saeed Abdulla Al Hamiz and Meena Hemchandra at the signing ceremony in Dubai on Monday.

Abu Dhabi - The Central Bank of the UAE has signed an MoU with the Reserve Bank of India to create a mechanism for boosting regulatory cooperation.

By Staff Report

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Published: Tue 20 Oct 2015, 12:00 AM

Last updated: Tue 20 Oct 2015, 9:38 AM

The UAE and India's banking regulators will foster exchange of information and boost supervisory controls, as trade and economic ties between them grow.
The Central Bank of the UAE has signed an MoU with the Reserve Bank of India to create a mechanism for boosting regulatory cooperation.
The MoU signed "puts a mechanism to cooperate in supervision of banks and financial institutions operating in both jurisdictions and exchange of supervisory information, in line with local laws of each jurisdiction and in accordance with the principles of Basel Committee on Banking Supervision on Home-Host country's supervisory authorities information sharing, which would contribute to the realisation of a sound financial system in the UAE and India," said a press statement by the UAE banking regulator. Saeed Abdulla Al Hamiz, assistant governor for Banking Supervision represented the UAE side while Meena Hemchandra, the executive director signed on behalf of RBI.
Speaking on the occasion, Al Hamiz emphasised the need for "cooperation and coordination with supervisory authorities to ensure the stability of the financial system."
Mrs Hemchandra called it as "an important addition to the existing MoUs established between the Bank and other banking regulators around the world and reflects the Bank's commitments to cross-border supervisory cooperation."
"The UAE has become a hugely important financial centre and an area with which we see increasing levels of financial business being undertaken. Our two institutions have had a developed association for some time and regular cause for dialogue. The MoU will serve to enhance this relationship."
- haseeb@khaleejtimes.com



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