RBI, ECB sign pact to deepen central banking cooperation

The Reserve Bank of India and the European Central Bank has signed a memorandum of understanding (MoU) to strengthen cooperation in the field of central banking. The MoU was signed by RBI Governor Sanjay Malhotra and European Central Bank (ECB) President Christine Lagarde during meetings at the Bank for International Settlements (BIS) in Basel.

“Sanjay Malhotra, Governor of the Reserve Bank of India (RBI) and Christine Lagarde, President of the European Central Bank (ECB), today signed a Memorandum of Understanding (MoU) on cooperation in the field of central banking,” the RBI said in a release on May 10.

The agreement updates the earlier pact signed between the two central banks in 2015 and establishes a framework for regular exchange of information, policy dialogue, and technical cooperation in areas of mutual interest related to central banking, as pet the release.

“The MoU, which updates the previous MoU of 2015, provides a framework for a regular exchange of information, policy dialogue and technical cooperation between the two institutions in areas of mutual interest in the field of central banking,” the release noted.

According to the RBI, the renewed agreement is aimed at deepening institutional engagement and enhancing collaboration between the two central banks across key policy and operational areas.