Reserve Bank of India and Bank Indonesia Agree to Expand Cooperation in
Payment Systems, Digital Financial Innovation, and Anti Money Laundering
and Combating the Financing of Terrorism (AML-CFT).
Reserve Bank of India and Bank Indonesia Agree to Expand Cooperation in
Payment Systems, Digital Financial Innovation, and Anti Money Laundering
and Combating the Financing of Terrorism (AML-CFT).
Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum
of Understanding (MoU) on July 16, 2022 in Bali, Indonesia, on the sidelines of the
G20 Finance Ministers and Central Bank Governors Meeting to improve mutual
cooperation between the two central banks. The MoU was signed by RBI Deputy
Governor Michael Debabrata Patra and BI Deputy Governor Dody Budi Waluyo in the
presence of RBI Governor Shaktikanta Das and BI Governor Perry Warjiyo.
With this MoU, RBI and BI committed to deepen relations between both central
banks and strengthen the exchange of information and cooperation in the area of
central banking, including payment systems, digital innovation in payments services,
and regulatory and supervisory framework for Anti Money Laundering and Combating
the Financing of Terrorism (AML-CFT). The MoU will be implemented through policy
dialogue, technical cooperation, exchange of information and joint work.
The MoU will also provide a good basis for promoting mutual understanding,
developing efficient payment systems and achieving cross-border payment
connectivity. Such initiatives will be executed through (i) regular interaction on recent
economic and financial developments and issues; (ii) technical cooperation through
training and joint seminars; and (iii) joint work to explore the establishment of crossborder retail payment linkages.
Governor Perry Warjiyo emphasised, “This MoU serves as a significant milestone
in the relation between Bank Indonesia and Reserve Bank of India. It has been a long
period of time since we began cooperating productively, and this MoU will only
ensure a more solid collaboration in the future. Going forward, I am convinced that
such excellent partnership will result in fruitful outcomes that benefit both central
banks and the people of both nations.”
Governor Shaktikanta Das appreciated the gracious Indonesian hospitality and
commended the excellent logistical and organizational arrangements for the G20
FMCBG meeting. He noted that “given our shared goals and challenges, it is only
natural that we work together in many areas. This MoU is a step forward in putting
our joint efforts within a formal mechanism.” He also expressed the hope that “going
ahead, the MoU will enable us to further deepen our relations and facilitate our
endeavour to make our financial systems accessible, inclusive and secure.”
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