SPECIALISED SUPERVISORY & REGULATORY CADRE (RBI)

About: 

• The Reserve Bank of India’s (RBI) Central Board met in Chennai under the Chairmanship of Shri Shaktikanta Das, Governor, RBI. 
  
  
• The Central Board reviewed the present structure of supervision in RBI in the context of the growing diversity, complexities and interconnectedness within the Indian financial sector. 
  
  
• With a view to strengthening the supervision and regulation of commercial banks, urban cooperative banks (UCBs) and Non-Banking Financial Companies (NBFCs), the Board decided to create a specialised supervisory and regulatory cadre within the RBI. 
  
  
• The reason behind a potential overhaul of the RBI supervisory structure are expected due to the non-bank finance crisis, failures of credit rating agencies to flag risks, divergence in asset quality by big banks and alleged lapses on the part of auditors.