RBI to set up supervisory committee for banks, NBFC

The Reserve Bank of India’s central board on Tuesday decided to create a specialised supervisory and regulatory cadre within the central bank.

The board also reviewed the current economic situation, global and domestic challenges and various areas of operations of the Reserve Bank.

Among other important matters, it discussed the medium-term strategy document, covering the mission statement and the vision statement.

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

“With a view to strengthening the supervision and regulation of commercial banks, urban cooperative banks and non-banking financial companies, the board decided to create a specialised supervisory and regulatory cadre within the RBI. Other matters discussed by the Board included, inter-alia, issues related to the currency management and banker to government functions of the RBI,” RBI said in a statement.

Deputy governors NS Vishwanathan, Viral V Acharya, BP Kanungo and Mahesh Kumar Jain of the Reserve Bank of India, and other directors of the central board of the RBI- Bharat Doshi, Sudhir Mankad, Manish Sabharwal, Satish Marathe, Swaminathan Gurumurthy, Revathy Iyer and Sachin Chaturvedi, attended the meeting in Chennai.

The government directors Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs and Rajiv Kumar, Secretary, Department of Financial Services also attended the meeting.