The Reserve Bank of India is now all set to make a working committee for regulation of non-banking financial companies. This regulatory authority will handle all 'emerging issues' in the NBFC sector.
According to media release, RBI has planned a working committee to examine 'range of issues' arising in regulation of NBFC.
RBI said in a release that Usha Thorat, former deputy governor of RBI will head this group. Usha Thorat is currently serving as director of Centre for Advanced Financial Research and Learning (CAFRAL).
According to the release issued by RBI, "The Working Group will focus on the definition and classification of NBFCs, addressing regulatory gaps and regulatory arbitrage, maintaining standards of governance in the sector and appropriate approach to NBFC supervision."
RBI also said in release that scope and limitation of examinations by the group will be ruled by current legislative framework. RBI also said that NBFC sector saw significant changes in recent years leading to a requirement for a governing body. This sector is now being recognized as a important element of the financial system.
Working Committee also includes Sanjay Labroo, Director, Central Board, Reserve Bank of India, Rajiv Lall, MD & CEO Infrastructure Development Finance Corporation, Bharat Doshi, Executive Director & Group CFO, M&M and Pratip Kar, Director, Globsyn Business School, Kolkata.
[Source]
According to media release, RBI has planned a working committee to examine 'range of issues' arising in regulation of NBFC.
RBI said in a release that Usha Thorat, former deputy governor of RBI will head this group. Usha Thorat is currently serving as director of Centre for Advanced Financial Research and Learning (CAFRAL).
According to the release issued by RBI, "The Working Group will focus on the definition and classification of NBFCs, addressing regulatory gaps and regulatory arbitrage, maintaining standards of governance in the sector and appropriate approach to NBFC supervision."
RBI also said in release that scope and limitation of examinations by the group will be ruled by current legislative framework. RBI also said that NBFC sector saw significant changes in recent years leading to a requirement for a governing body. This sector is now being recognized as a important element of the financial system.
Working Committee also includes Sanjay Labroo, Director, Central Board, Reserve Bank of India, Rajiv Lall, MD & CEO Infrastructure Development Finance Corporation, Bharat Doshi, Executive Director & Group CFO, M&M and Pratip Kar, Director, Globsyn Business School, Kolkata.
[Source]
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