2023-05-22 14:21:48
Das met the board of directors of all public sector banks in New Delhi to discuss issues related to leadership and governance, and drive growth and sustainability. In a statement, the RBI said the governor acknowledged the role played by the banks in supporting the economy and maintaining resilience along with improved financial performance in the face of several adverse shocks in recent times.
The RBI governor exhorted the directors of banks to further strengthen the governance and assurance functions (risk management, compliance and internal audit) so that the banks are able to identify and mitigate risks at an early stage, the statement noted, adding that Das also emphasized the need for banks to ensure continued financial and operational resilience.
A senior executive said that bank and RBI officials had discussion on various issues such as governance and assurance, credit risk, operational risk, including know your customer (KYC) norms and data analytics.
“There was an open house at the end where other aspects of governance in the banks were also discussed,” he said.
In this year’s budget, finance minister Nirmala Sitharaman has proposed corporate governance reforms in the banking sector, which will require amendments to the Banking Regulation Act, the Banking Companies Act, and the Reserve Bank of India Act to improve bank governance and enhance investors’ protection.
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