Bank of Israel signs MoU with the Reserve Bank of India

The Bank of Israel signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with the Reserve Bank of India.

•    The signing of the MoU is intended to strengthen the ties between the Reserve Bank of India and the Bank of Israel, and reflects the commitment of the authorities to the principles of consolidated supervision and cooperation among banking regulators.
•    The MoU was signed by Mrs. Parvathy V. Sundaram, Chief General Manager-in-Charge, Department of Banking Supervision on behalf of Reserve Bank of India (RBI), and Dr. Hedva Ber, Supervisor of Banks on behalf of the Bank of Israel.
•    As State Bank of India has a branch in Israel, the signing of the MoU is intended to strengthen the ties between RBI and BoI and promote the safe and sound functioning of that bank.
•    The Memorandum of Understanding also reflects the commitment of the authorities to the principles of consolidated supervision and cooperation among banking regulators.
•    The Banker’s Bank has entered into a MoU, Letter for Supervisory Co-operation and Statement of Co-operation with supervisors of a few countries to promote greater co-operation and share supervisory information. 
•    With this, the RBI has signed 32 such MoUs, one Letter for Supervisory Co-operation and one Statement of Co-operation.