RBI signs agreement with Nepal Rastra Bank for supervisory information exchange [ Current Affairs ]

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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