Governance to groundwork for digital biz, the year that was 2021 for RBI

2021 will go down as the year in which the central bank undertook long overdue governance initiatives even as it laid the groundwork for the fast-growing digital business

Behind the smile

In January this year, Shaktikanta Das said “ensuring good governance structure constitutes the first line of defence on financial stability. An effective early warning system is necessary. Risk management in banks and non-banking financial companies (NBFCs) should evolve with changing technology and international best practices”. The Reserve Bank of India’s (RBI’s) governor was delivering the Nani Palkhivala Memorial Lecture. In April, private banks got a taste of his medicine. The RBI capped the maximum term for bank corner-room occupants at 15 years and set the age limit at 70. It also issued guidelines that recast the way the