SAARCFINANCE meet

• RBI Deputy Governor, at the SAARCFINANCE seminar, has remarked that although society harnesses the benefits of emerging technologies in the financial sector, regulators should pay careful attention to the underlying risks.
• Central banks should focus on responsible use, data security and privacy, legal compliance, and ethical questions when it comes to these technologies.

ABOUT SAARCFINANCE

• The 10^th SAARC Summit of the Head of the States of the SAARC Region which was held in Colombo on July 29, 1998 agreed, in principle, to establish a “Network of Central Bank Governors and Finance Secretaries of the SAARC Region (SAARCFINANCE)” with a view to opening dialogues on macroeconomic policies of the region and sharing mutual experiences and ideas.
• Accordingly, the SAARCFINANCE was established on September 9, 1998 as a regional network of the SAARC Central Bank Governors and Finance Secretaries.
• It is a permanent body, which got formal recognition of SAARC at the 11th SAARC Summit, held in Kathmandu, Nepal in January 2002.
• As per the decision of the Summit, Chairperson of SAARCFINANCE is invited to the sessions of the SAARC Council of Ministers to make a presentation on SAARCFINANCE activities.
• The Chair of the SAARCFINANCE moved to the Reserve Bank of India (RBI) from Bangladesh Bank during the Asian Clearing Union (ACU) Meeting held in Dhaka on May 15, 2007.
• The SAARCFINANCE Group meets twice a year concurrently with the IMF/WB annual and spring meetings.