The RBI's central board decided to create a specialised supervisory and regulatory cadre within the RBI to strengthen the supervision and regulation of commercial banks, UCBs and NBFCs.
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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.
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