RBI to establish supervisory body to strengthen regulation of banks & NBFCs

The Reserve Bank of India's central board on Tuesday decided to create a specialised supervisory and regulatory cadre within the RBI to strengthen the supervision and regulation of commercial banks, urban cooperative banks and non-banking financial companies.

A decision to this effect was taken at a meeting of the Central Board here chaired by RBI Governor Shaktikanta Das.

Deputy Governors N S Vishwanathan, Dr Viral V Acharya, B P Kanungo and Mahesh Kumar Jain besides RBI's Central Board of Directors Bharat Doshi, Sudhir Mankad, Manish Sabharwal, Satish Marathe and Swaminathan Gurumurthy attended the meet.

According to a RBI release, the Board reviewed the current economic situation, global and domestic challenges and various areas of operations of the Reserve Bank.

On the occasion, the Board passed a condolence resolution in memory of former Director of the Central Board and the former ITC Chairman Y C Deveshwar who died recently.

According to the release, the Board also discussed issues related to the currency management and banker to government functions of the RBI.

Among other important matters, the Board discussed the Medium Term Strategy document, covering the mission and vission statements.

The Board also reviewed the present structure of supervision in RBI in the context of growing diversity, complexities and interconnectedness within the financial sector.

Finance Secretary and department of Economic Affairs, Secretary Subhash Chandra Garg, Department of financial services, Secretary, Rajiv Kumar also took part in the meeting.

The Board members also took a pledge on the occasion of Anti-Terrorism day, the release added.