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Financial institutions should be board-driven: RBI Deputy Governor M K Jain

In his keynote address at CAFRAL, a Centre promoted by RBI, the deputy governor stressed that an efficient and vibrant financial system is crucial for economic development and social wellbeing of the country.

March 29, 2022 / 04:36 PM IST

Financial institutions should be board-driven and not end up being dominated by individuals as it could lead to undesirable consequences, Reserve Bank Deputy Governor M K Jain has said.

In his keynote address at CAFRAL, a Centre promoted by RBI, he stressed that an efficient and vibrant financial system is crucial for economic development and social wellbeing of the country.

"The governance framework surrounding the individual players in the financial system assumes a central role not only in terms of value creation for various stakeholders but also in ensuring the oversight of the board on risk appetite and risk culture of individual institution,” he said while speaking on 'Importance of Governance and Assurance Functions in Financial Institutions’.

He also emphasised that financial institutions should be board-driven and not dominated by individuals.