RBI in a process to set up 'college of supervision'

As per news report, The Reserve Bank of India (RBI) is concentrating to augment the supervisory skills of its key personnel and for that it is in process to set up a 'college of supervisors'. It is in line with the scam at Punjab & Maharashtra Cooperative (PMC) Bank which deceived the regulator with cooked up books-something the annual inspection by the RBI supervisors could not notice and take preventive action.

November 1, 2019 RBI has already created unified department of supervision and a unified department of regulation. This move will strengthen the oversight of commercial banks, cooperative banks and NBFCs.

Addressing a closed-door conference on '50 years of bank nationalisation' organised by Ahmedabad University over the weekend RBI Governor, Shaktikanta Das said that it is RBI’s endeavour to up skill its supervisors on a continuous basis. RBI is taking multi-pronged approach in this aspect. It is also in process to set up a college of supervisors to augment and reinforce supervisory skills among regulatory and supervisory staff. He was quoted on this matter in a statement issued by Ahmedabad University. He also said that RBI is focusing on governance, risk management, internal audit and compliance functions in banks more closely.