RBI forms committee to examine recommendations on financial sector reforms

RBI forms committee to examine recommendations on financial sector reforms
The Reserve Bank of India has formed a committee to examine the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) relating to capacity building in the banking sector under the Chairmanship of Executive Director of RBI G. Gopalakrishna.

Besides Gopalakrishna, the committee has eight other members, including Indian Banks' Association Chief Executive Mohan V. Tanksale, Bank of Baroda Executive Director Ranjan Dhawan, ICICI Bank Executive Director K. Ram Kumar, said RBI.

Further, the committee will examine if the members on bank boards need to be certified - by way of say, an appropriately designed course which could be made mandatory for every individual before appointment to the board of a bank. The committee has been tasked with the responsibility of identifying capacity building requirements keeping in view the role of financial sector and what it should deliver.

The panel will examine the skills required at various levels/operations to deliver on the required role and also identify qualifications relevant to specific areas of operation in banks and non-banks. Further, it will evolve methodologies for prescribing certification for required qualifications. The Committee is expected to submit its recommendations by April 30.

The Commission, which was set up in March 2011 and submitted its report last March, was the result of a felt need that the legal and institutional structures of the financial sector in India need to be reviewed and recast in tune with the contemporary requirements of the sector.

Dion Global Solutions Ltd.

Read more about: rbi, financial reforms, fslrc
Story first published: Friday, February 21, 2014, 12:50 [IST]
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