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MoU between Reserve Bank of India and Bank Indonesia

Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU).

When and where was the MoU signed?

Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) on July 16, 2022 in Bali, Indonesia, on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting to improve mutual cooperation between the two central banks. 

Who were the signatories to the MoU?

The MoU was signed by RBI Deputy Governor Michael Debabrata Patra and BI Deputy Governor Dody Budi Waluyo in the presence of RBI Governor Shaktikanta Das and BI Governor Perry Warjiyo.

What is the commitment under the MoU?

With this MoU, RBI and BI committed to deepen relations between both central banks and strengthen the exchange of information and cooperation in the area of central banking, including payment systems, digital innovation in payments services, and regulatory and supervisory framework for Anti Money Laundering and Combating the Financing of Terrorism (AML-CFT). 

How will the MoU be implemented?

The MoU will be implemented through policy dialogue, technical cooperation, exchange of information and joint work.

What does the MoU offer?

The MoU will provide a good basis for promoting mutual understanding, developing efficient payment systems and achieving cross-border payment connectivity. Such initiatives will be executed through –

  1. Regular interaction on recent economic and financial developments and issues.
  2. Technical cooperation through training and joint seminars.
  3. Joint work to explore the establishment of cross-border retail payment linkages.


References

Reserve Bank of India. (2022, July 16). 'Reserve Bank of India and Bank Indonesia Agree to Expand Cooperation in Payment Systems, Digital Financial Innovation, and Anti Money Laundering and Combating the Financing of Terrorism (AML-CFT)'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54043


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