A Memorandum of Understanding (MoU) has been established between Finanstilsynet and The Reserve Bank of India on the supervision of banks.
The MoU is a prerequisite for banks to apply for licenses to establish branches or subsidiaries in the respective countries. The main features of the MoU include the exchange of information, confidentiality, on-site examinations and crisis management.
The MoU was signed in Oslo on Thursday 19 July by Mr. G. Jaganmohan Rao, Chief General Manager-in-Charge of the Department of Banking Supervision and Mr. Emil Steffensen, Deputy Director General. The MoU was signed in the presence of Dr. K. C. Chakrabarty, Deputy Governor and Mr. P. Balachandran, First Secretary, Embassy of India.