Skip to main content

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


Follow at - Telegram   Instagram   LinkedIn   Twitter

Labels:

Comments

Post a Comment

Popular Posts

Export and Import of Goods and Services

Reserve Bank of India (RBI) has issued regulations on export and import of goods and services. What are the regulations for declaration of exports? An exporter of goods shall furnish to the specified authority, a declaration in the Export Declaration Form (EDF) specifying the amount representing the full export value of goods, at the time of export. EDF will be deemed to be submitted as part of shipping bill for goods exported through Electronic Data Interchange (EDI) port. An exporter of services shall furnish to the specified authority, a declaration in EDF specifying the amount representing the full export value of services, within 30 days from the end of month in which invoice for services has been raised. The exporter of services who has exported services to one or more recipients in a month, may submit a single EDF for all such exports. The exporter of services other than software, may submit an EDF on or before the date of receipt of payment. In the case of a non-EDI port for ex...
Post a Comment
Read more

Unique Transaction Identifier (UTI) for OTC Derivative Transactions

Reserve Bank of India (RBI) has issued directions on Unique Transaction Identifier (UTI) for over-the-counter (OTC) derivative transactions. What are the existing norms for reporting of OTC derivative transactions? At present, all transactions in OTC markets for rupee interest rate derivatives, forward contracts in Government securities, foreign currency derivatives, foreign currency interest rate derivatives, and credit derivatives are reported to the Trade Repository managed by Clearing Corporation of India Limited (CCIL-TR).  What are the directions on Unique Transaction Identifier (UTI) for OTC derivative transactions? Unique Transaction Identifier (UTI), a unique identifier assigned to an OTC derivative transaction, shall be generated / reported for all transactions in OTC derivatives market.  The directions shall be applicable to OTC derivative transactions entered into on or after January 01, 2027. UTI shall be generated in accordance with the UTI Technical Guidanc...
Post a Comment
Read more

FEMA - Borrowing and Lending [including External Commercial Borrowing (ECB) and Trade Credit (TC)]

Reserve Bank of India (RBI) has amended the regulations for borrowing and lending under the Foreign Exchange Management Act, 1999 (FEMA). What are the regulations for External Commercial Borrowing (ECB)? External Commercial Borrowing (ECB) means borrowing by an eligible borrower from a recognised lender. Eligible borrowers – Any person resident in India (other than an individual) that is incorporated, established or registered under a Central or State Act is an eligible borrower, provided such person is permitted for ECB in terms of applicable Acts. An eligible borrower that is under a restructuring scheme or corporate insolvency resolution process may raise ECB only if specifically permitted under the restructuring or resolution plan. An eligible borrower against whom any investigation, adjudication or appeal by a law enforcement agency for contravention of any rule, regulation or direction issued under FEMA is pending, may raise ECB notwithstanding the pending investigation or adjudi...
Post a Comment
Read more

Are banks deposits insured? (updated as on February 06, 2026)

People keep their savings (and earnings) in various bank accounts. But what happens if a bank fails (i.e. closes down)? Can the depositors get their money back? Are deposits with banks insured? What is deposit insurance? The deposits kept with the banks are insured by the banks with Deposit Insurance and Credit Guarantee Corporation (DICGC). In the event of failure of a bank, DICGC pays the depositors up to the insured amount of the deposits. Which banks are covered for deposit insurance? Public Sector Banks Private Sector Banks Foreign Banks – branches of foreign banks functioning in India Small Finance Banks Payment Banks Regional Rural Banks Local Area Banks State Co-operative banks District Central Co-op banks Urban Co-op  Primary cooperative societies are not insured by DICGC. A list of banks insured with DICGC is available at https://www.dicgc.org.in/FD_ListOfInsuredBanks.html Which deposits are covered for deposit insurance? DICGC insures all deposits such as savings, fixed,...
Post a Comment
Read more

Lending to Micro, Small & Medium Enterprises (MSMEs) Sector

Reserve Bank of India (RBI) has amended the directions on lending to Micro, Small & Medium Enterprises (MSMEs) sector. To whom shall the directions be applicable? The directions shall apply to Scheduled Commercial Banks (excluding Regional Rural Banks). Which enterprises are classified as Micro, Small or Medium? An enterprise shall be classified as a micro, small or medium enterprise based on the following criteria – Classification Maximum investment in plant and machinery or equipment And Maximum turnover Micro enterprise ₹2.5 crore ₹10 crore Small enterprise ₹25 crore ₹100 crore Medium enterprise ₹125 crore ₹500 crore What registrations are required to be made by MSMEs? MSMEs are required to register online on the Udyam Registration portal and obtain ‘Udyam Registration Certificate (URC)’. For priority sector lending purposes, banks shall be guided by the clas...
Post a Comment
Read more