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RBI to create a ‘Specialised Supervisory and Regulatory Cadre’

RBI to create a ‘Specialised Supervisory and Regulatory Cadre’

With a view to strengthen the supervision and regulation of commercial banks, urban cooperative banks and Non-Banking Financial Companies (NBFCs), the Board decided to create a specialised supervisory and regulatory cadre within the RBI.

The Reserve Bank of India’s (RBI’s) Central Board has decided to create a ‘Specialised Supervisory and Regulatory Cadre’ within the RBI.

Key Highlights

The decision to create a Specialised Supervisory and Regulatory Cadre within the RBI was taken at the recent two-day meeting of Reserve Bank of India’s (RBI’s) Central Board which was held under the chairmanship of RBI Governor Shaktikanta Das in Chennai. This was the boards 576th Meeting.

The cadre creation came with a view of strengthening the supervision and regulation of commercial banks, urban cooperative banks and Non-Banking Financial Companies (NBFCs).

The decision for creating an additional oversight mechanism was taken in the wake of recent NBFC crisis such as large-scale defaults by IL&FS in 2018 (which caused on-going liquidity crunch in banking system), failures by credit rating agencies to flag risks, alleged lapses by auditors and divergence in asset quality by big banks.

Thus the supervision cadre would supplement RBI to be better equipped in picking up early warning signs.

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