- The Reserve Bank of India (RBI) and the Bank of England signed an MoU for cooperation and exchange of information related to Clearing Corporation of India Ltd (CCIL).
- The MoU proposed to create a framework for the Bank of England (BoE) to place reliance on the RBI’s regulatory and supervisory activities while safeguarding the UK’s financial stability.
- The MoU also emphasizes the importance of cross-border cooperation for international clearing activities.
- RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden signed the MoU in London.
- In January 2023, CCIL sent an application to the Bank of England for recognition as third-country CCPs (TC-CCPs).
- This MoU will also help the Bank of England in assessing the application of CCIL for recognition as a third-country Central Counterparty (CCP).
Clearing Corporation of India Ltd
- It was set up in April 2001. It is a Central Counterparty (CCP).
- It was set up to provide clearing and settlement for transactions in Government securities, foreign exchange and money markets in the country.