New Delhi, May 10 -- In a significant move to bolster international financial stability and foster cross-border regulatory synergy, the Reserve Bank of India (RBI) and the European Central Bank (ECB) have officially signed a Memorandum of Understanding (MoU) on cooperation.

The MoU on cooperation in the field of central banking was signed by Sanjay Malhotra, Governor of the Reserve Bank of India (RBI) and Christine Lagarde, President of the European Central Bank (ECB), on Sunday.

The agreement marks a new chapter in the relationship between two of the world's most influential central banking institutions.

The MoU, which updates the previous MoU of 2015, provides a framework for a regular exchange of information, policy dialogue and tec...