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RBI deputy governors meet MD & CEOs of SFBs to discuss board oversight, compliance

The discussion between RBI deputy governors and MD & CEOs of small finance banks ranged from financial inclusion, board oversight, compliance, IT resiliency to stress on the bank's portfolio due to the COVID-19 pandemic.

August 27, 2021 / 07:31 PM IST

Deputy governors of Reserve Bank of India (RBI), M K Jain and M Rajeshwar Rao on August 27 held discussion with MD & CEOs of eleven Small Finance Banks (SFBs) over video conference, the central bank said in a release.

The discussion was started by deputy governors acknowledging the contribution of SFBs towards financial inclusion and extending credit to the underserved segments.

The discussion between RBI deputy governors and SFB heads happened across the evolution of the business model of SFBs, enhancing board oversight and professionalism, further improvements in assurance functions like compliance, internal control, and risk management, the central bank said in a release.

The need to build up IT infrastructure both for customer experience and cyber-security resilience was also discussed.

The central bank said, “the stress build-up due to COVID-19 and the mitigation measures for continued resilience of books of SFBs also formed part of the discussion.”

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RBI said that the MD & CEOs also shared their experiences and ideas on the need to work together so that the stated objective is achieved for which differentiated licences were issued.

Challenges and the way forward were also deliberated upon so that small finance banks continue to be important players in the Indian financial intermediation space, the central bank said in the release.
first published: Aug 27, 2021 07:31 pm
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