RBI's twin meetings with banks usher in new era of governance, compliance

Governance and business models of regulated entities came in for special attention of the central bank this year, reports Raghu Mohan

Mint Road’s twin meetings with the boards of state-run and private banks on May 22 and 29 this year must go down as an initiative like none other to improve governance till date. A bland communique issued to boards well over a month before said it was primarily to discuss “issues related to governance, ethics, the role of the boards, and supervisory expectations.” Many bankers and board members who thought it would be just another interaction with the top brass of the Reserve Bank of India (RBI) got it wrong.
 

It is for the first time that a Mint Road