Reserve Bank of India issues new compliance guidelines for banks

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Reserve Bank of India issues new compliance guidelines for banks
Reserve Bank of India issues new compliance guidelines for banks

Reserve Bank of India issues new compliance guidelines for banks. The Reserve Bank of India (RBI) issued new guidelines for banks to tighten their compliance functions and ensure that chief compliance officers (CCOs) follow the best industry practices as required by supervisory expectations.

RBI Compliance Guidelines:

  • The policy should lay special thrust on building up compliance culture, vetting of the quality of supervisory and regulatory compliance reports to RBI by the top executives, non-executive Chairman and Chairman and Audit Committee of the Board (ACB) as the case may be.”
  • The policy should be reviewed at least once a year
  • The CCO should be appointed for at least three years and the ACB, Managing Director and Chief Executive Officer should factor in this requirement while appointing a CCO.
  • The CCO could also be recruited from the market with age not more than 55 years and overall experience of at least 15 years in the banking or financial services. Of this, a minimum of five years should be in the related management functions.

About RBI:

  • Founded: 1 April 1935, Kolkata
  • Governor: Shaktikanta Das
  • Headquarters: Mumbai

Expected Questions:

1) Name the Index announced by RBI to assess and capture the extent of digitalisation of payments effectively. –  Digital Payment Index

2) RBI extended $400 million Currency Swap Facility with which country? – Sri Lanka

3) The Credit Policy of India declared by which Financial Institution? – RBI

4) For which year, RBI unveiled National Strategy for Financial Education? – 2020-2025

5) Financial Stability Report (FSR) is released by which Financial Institution? – RBI

6) Name the Fund that has been created by RBI to boost digitisation? – Payments Infrastructure Development Fund

< < Read More Static GK Article 2020 > >

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