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    Vikshita Vitthal Gujaran in News

    24-Feb-2023 05:36 AM


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    RBI To Boost Share Of Offsite Supervision To 70-75% In 3-5 Years

    The Reserve Bank of India aims to leverage use of technology to increase the efficiency of its supervisory activities and raise share of offsite supervision of banks and non-bank entities to 70-75% in three to five years, according to a person with knowledge of the matter.
    Currently, about 10-15% of supervision is done through back office offsite activity, with almost 85-90% of the supervision driven by on-site inspection of books of banks, non-bank lenders and payment players.
    Eventually, the intent is that this data sharing and tracking with RBI will become completely automated and that will give banks less subjectivity in how they present data to the regulator, according to the person quoted above.
    The seven shortlisted names include Accenture Solutions Pvt.,
    In November 2019, the RBI created a dedicated cadre for the Department of Supervision following these developments, with an aim to create a specialised group within the central bank that can preempt and tackle such issues.
    It has also facilitated the restructuring of Yes Bank, merged stressed Lakshmi Vilas Bank into DBS Bank India, and appointed its representatives on boards of banks such as RBL Bank to smoothen governance and management transition.

    Source - NDTV