The Memorandum of Understanding (MoU) on cross border supervision and exchange of information has been signed between the Royal Monetary Authority of Bhutan and the Reserve Bank of India in pursuant to Section 111 of the Financial Services Act, 2011. The said MoU has been drawn up with a view to facilitate the cooperation in cross-border supervision and surveillance field, and to have access to accurate information relating to the activities realized abroad by banks and financial institutions established in respective countries, with a view to the mutual aim of ensuring stability in the financial system of both countries.
The said Memorandum of Understanding is the first agreement, on cross border supervision, signed with other countries’ equivalent authorities by the Royal Monetary Authority of Bhutan.