RBI to create specialised cadre to supervise banks, NBFCs

Chennai, May 21 (IANS) Reserve Bank of India has decided to create a "specialised supervisory and regulatory cadre" to strengthen supervision over commercial banks, urban cooperative banks and Non-Banking Financial Companies (NBFCs).The decision was taken at the apex bank's Central Board meeting which was held on Tuesday in Chennai.The Board reviewed the current economic situation, global and domestic challenges and various areas of operations of the Reserve Bank. "The 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 NBFCs, the Board decided to create a specialised supervisory and regulatory cadre within the RBI."
--IANS rv/sn/prs