RBI sets up committee on capacity & skill building

A newly-constituted committee formed by the Reserve Bank will look into capacity building and skill requirements at various levels of banking and financial services operations for effective delivery of services.
Committee is expected to submit its recommendations by April 30, 2014.
The Committee formed under chairmanship of RBI Executive Director G Gopalakrishna, will have other eight members from banking and non-banking sectors as well as RBI.
The Committee has been formed after recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) report on enhancing skill building and capacity development in banks and non-banking companies.
It seeks to ensure availability of skill sets at all levels of banking and non-banking services for effective delivery.

Among others, Committee will deliberate on identifying qualifications for specific areas of operation in banks and non-banks and prescribe certification of required qualification.

Also, it will "Examine if the members on bank boards also need to be certified - by way of say, an appropriately designed course which could be made mandatory for every individual before appointment to the board of a bank," RBI said.
FSLRC in its report has recommended sweeping changes in the way financial sector is regulated in the country, including areas ranging from banking and insurance to capital markets.
FSLRC has recommended 14 non-legislative recommendations (NLRs) that includes area of consumer protection, transparency and capacity building.