“The Memorandum of Understanding (MoU) establishes a framework for the Bank of England to place reliance on the Reserve Bank of India's (RBI) regulatory and supervisory activities while safeguarding UK's financial stability," the RBI said in a statement.
Even as the RBI’s monetary policy committee (MPC) is scheduled to meet on November 3 to discuss its report to the government as inflation continues to remain beyond its comfort zone, the central bank’s board on Monday reviewed the current economic scenario.
The RBI board deliberated on the challenges faced by the country owing to the prevailing geo-political scenario.
“The 598th meeting of the central board was held under the chairmanship of Governor Shaktikanta Das,” the RBI said in a statement.
“The board in its meeting reviewed the current economic situation, global and domestic challenges including the overall impact of current global geopolitical crises,” it added further.
With retail inflation remaining above its 2 per cent to 6 per cent tolerance limit for the past nine months, the RBI’s MPC will meet on November 3 to deliberate upon the issue.