PRESS RELEASE 18 July 2012
MEMORANDUM OF UNDERSTANDING WITH THE INDIAN BANKING REGULATOR
At a ceremony in Jersey on 16 July 2012, the Jersey Financial Services Commission (the “Commission”) and India’s banking regulator - the Reserve Bank of India - signed a Memorandum of Understanding (“MoU”) that will help facilitate co‑operation between the two regulatory bodies.
John Harris, Director General of the Commission, said, “I am delighted to sign this Memorandum of Understanding with the Reserve Bank of India. The global financial crisis has highlighted the need for close co-operation between regulators and this Memorandum will assist in that regard by establishing a formal framework for the exchange of regulatory information and mutual assistance in overseeing cross-border institutions.”
The Commission has MoUs (either on a bilateral or multilateral basis) with regulators in over 70 countries.
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For further information please contact: -
John Harris - Director General
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822028
Fax: + 44 (0) 1534 822002
NOTES TO EDITORS
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers.
The Reserve Bank of India is the countrys central bank and is responsible for the regulation and supervision of banking organisations taking public deposits and issuing loans in India.