ECB and RBI sign updated MoU for central banking cooperation
European Central Bank President Christine Lagarde and Reserve Bank of India President Sanjay Malhotra signed an updated Memorandum of Understanding on central banking cooperation today. The signing took place on the sidelines of the BIS meetings in Basel.
Framework for dialogue and technical exchange
The Memorandum of Understanding (MoU) updates a previous agreement from 2015, reflecting internal requirements of both the European Central Bank and the Reserve Bank of India.
It establishes a framework for regular information exchange, policy dialogue, and technical cooperation between the two central banks, including joint seminars and workshops in areas of mutual interest.
Strengthening global central bank ties
ECB President Christine Lagarde highlighted the importance of global collaboration, stating, "We must foster global cooperation.
Therefore, I am pleased to sign this Memorandum of Understanding together with President Malhotra as a sign of continued dialogue with the Reserve Bank of India.
" The updated agreement aims to strengthen global central banking ties and ensure the framework remains relevant and effective for ongoing collaboration between the ECB and RBI.