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RBI, Bank of England sign MoU for cooperation in CCIL issue
Context:
Memorandum of understanding on cooperation and exchange of information related to Clearing Corporation of India Ltd (CCIL) has been signed
Background:
The Reserve Bank of India (RBI) and the Bank of England (BoE) recently inked a memorandum of understanding (MoU) centered on cooperation and information exchange concerning the Clearing Corporation of India Ltd (CCIL).
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CCIL's Role:
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Framework for Cooperation
- The signed MoU establishes a framework wherein the BoE relies on the RBI's regulatory and supervisory activities while ensuring the stability of the UK's financial system.
- The agreement underscores the importance of cross-border collaboration for international clearing activities.
- CCIL's Recognition Process:
- In January, CCIL applied to the Bank of England for recognition as a third-country Central Counterparty (TC-CCP).
- The MoU facilitates the BoE's assessment of CCIL's application, a prerequisite for UK-based banks to engage in transactions through CCIL.
Implications for UK-Based Lenders:
- The agreement brings relief to UK-based lenders, including Barclays and Standard Chartered, allowing them to continue providing clearing and settlement services to clients in India.
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