RBI signs agreement with Nepal Rastra Bank for supervisory information exchange [ Current Affairs ]
About Nepal Rastra Bank: The Nepal Rastra Bank was established in 26th April 1956. It is the central bank of Nepal. It manages the banks and economic organizations in Nepal and guides financial policy.
- It also supervises foreign exchange rates and the country’s foreign exchange reserves and controls the foreign exchange policy.
- It is one of the main holders of the Nepal Stock Exchange.
- It made a Maya Declaration Commitment to promote financial literacy in 2013.
Membership of Nepal Rastra Bank:
- It is a member of the Alliance for Financial Inclusion.
- It is also a member of the Asian Clearing Union.
About Maya Declaration:
- The Maya Declaration is a statement of common principles regarding the development of financial inclusion policy.
- Financial inclusion policy is made by a group of developing nation governing institutions during the Cooperation for Financial Inclusion’s 2011 Global Policy Forum held in Mexico.
About agreement by RBI:
- Reserve Bank of India has signed a Memorandum of Understanding with the Nepal Rastra Bank on Supervisory Support and Exchange of Supervisory Information.
- This MoU was signed by Meena Hemchandra, RBI’s Executive Director and Narayan Prasad Paudel, Nepal Rastra Bank’s Executive Director in New Delhi.
- Published on: September 16, 2015