QFCRA signs MoU with RBI

Category: WTO Sub-category: International Sanctions
Document type: news

11-August-2011 | 12:20 IST | Edited by: Suman Chatterjee

QFC Regulatory AuthorityThe Qatar Financial Centre Regulatory Authority (QFCRA) signed a Memorandum of Understanding (MoU) with the Reserve Bank of India (RBI) on 4th August, 2011, to promote greater understanding and cooperation among the two countries, and mutual exchange of supervisory information between the two central regulatory bodies. The memorandum was signed at the central office building of RBI in Mumbai, India by Mr. P. Vijaya Bhaskar, RBI Executive Director, and Mr. Michael Ryan, QFC Regulatory Authority Deputy CEO.

 Mr. Ryan, Deputy-CEO, QFCRA remarked: "We are very pleased to enter into this agreement with the RBI.  It establishes an important framework for greater economic activity between Qatar and India, and it provides us, as regulators, with the level of information and co-operation that we need to ensure the safety and soundness of our institutions and to facilitate greater economic ties between our countries."

The QFCRA is the regulatory body of the Qatar Financial Center (QFC). Established in the year 1935, RBI is the central bank of India. Though originally founded as a private body, it was nationalized in the year 1949, being fully owned and operated by the Indian government, its headquarters being shifted from Calcutta to Mumbai in 1937.

 External Links

Reserve Bank of India (RBI) - Official website

Qatar Financial Centre Regulatory Authority (QFCRA) - Official website

Format of Memorandum of Understanding (MoU) - Find here