QFC Regulatory Authority Signs MoU with Reserve Bank of India (RBI)

Doha, August 09 (QNA) - The QFC Regulatory Authority and the Reserve Bank of India ("RBI") have signed a Memorandum of Understanding (MoU) to promote greater co-operation and the sharing of supervisory information between the two regulators, The QFC Regulatory Authority said in a press release on Tuesday.
The MoU was signed at RBI s Central Office Building in Mumbai by Mr P. Vijaya Bhaskar, RBI Executive Director, and Mr Michael Ryan, QFC Regulatory Authority Deputy CEO.
Commenting on the agreement, Michael Ryan, Deputy CEO of the QFC Regulatory Authority said :
"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 QFC Regulatory Authority, the independent regulatory body of the Qatar Financial Centre (QFC).
It was founded by Emiri decree in 2005. Its role is to regulate firms conducting financial services in or from the QFC.
Through its work in policy development, authorisation, supervision and (where necessary) the investigation and enforcement of actions against businesses, the QFC Regulatory Authority plays a key role in enabling Qatar to operate to the highest standards of financial good governance.
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.
Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.