“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.
The Bank of England (BoE) announced that it has raised its benchmark interest rate by 0.5 percentage points to 5 per cent.
After US Federal Reserve hikes key interest rates by 75 basis points, the Bank of England raised bank rate by 75 basis points -- the highest since 1992 -- to 3 per cent for combatting inflation growing in double digits and to curb the energy price crisis in the country.
The Bank of England has warned the UK risked being plunged into the longest recession in 100 years after it pushed up the cost of borrowing to 3 per cent in the biggest single interest rate rise since 1989.
The value of the cryptocurrency market has increased by 200 per cent this year.
The UKTPO is a partnership between the University of Sussex and the Royal Institute of International Affairs, commonly known as Chatham House.
