Overview

International Department was constituted on November 3, 2014 to augment the Reserve Bank’s focus on international financial diplomacy and participation in formulation of global regulatory standards. The Department is responsible for participation in international fora and for supporting the top Management’s interactions in this area, as also to facilitate their involvement in international economic cooperation. It has a research orientation towards framing the Reserve Bank’s stance on issues in this sphere. The Department is also responsible for the Reserve Bank’s external services and relations including on matters of technical cooperation with other central banks.

This department mainly looks after:

• International financial diplomacy and relations with international institutions/ country groupings including International Monetary Fund (IMF), Bank for International Settlements (BIS), Financial Stability Board (FSB), G20, Brazil, Russia, India, China and South Africa (BRICS), South Asian Association for Regional Cooperation Finance (SAARCFINANCE), Committee on Payments and Market Infrastructures (CPMI), Committee on the Global Financial System (CGFS), World Bank, World Trade Organization (WTO), Asian Development Bank (ADB), SEACEN, NGFS, G24, G30, and others. Most of the work often requires extensive co-ordination with various ministries in the GoI and departments within the Bank.

• Framing the Reserve Bank’s views on issues of policy relevance in international economic cooperation, including inter alia those on regulatory issues and central bank currency swaps.

• Reserve Bank’s initiatives at capacity building for officials of other central banks and managing exposure visits for delegates of foreign institutions/market participants/universities.

• Preparing research notes on current issues in international economic cooperation.

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