RBI, Bank of Mauritius sign pact to cooperate

The Reserve Bank of India (RBI) on Tuesday said it had entered into an agreement with the Bank of Mauritius for cooperation and exchange of information.

“The RBI and the Bank of Mauritius concluded a Memorandum of Understanding (MoU) on 'Supervisory Cooperation and Exchange of Supervisory Information' on December 3, 2012,”the RBI said in a statement.

With this, the number of such agreements has increased to 12.

Earlier, RBI had entered into similar agreements with China Banking Regulatory Commission, Dubai Financial Services Authority, Jersey Financial Services Commission, Financial Services Authority, the UK and Central Bank of Russian Federation among others.

Mauritius is an important source for foreign investments into India with over 40 per cent of FDI coming from the island nation. The two countries are also in process of negotiation to update their bilateral double taxation avoidance pact to include exchange of banking information and other provisions.