RBI calls for better compliance and risk management in NBFCs
Compliance should transcend box ticking and delve deeper, deputy governor says
A Reserve Bank of India (RBI) deputy governor has stressed the importance of internal audit and compliance functions in non-bank financial companies (NBFCs), as the sector continues to grow rapidly.
“As NBFCs expand in both size and complexity, they must bolster governance and assurance functions to maintain a constant vigil over potential risks and vulnerabilities,” deputy governor Swaminathan Janakiraman said in a speech on May 15.
Speaking to heads of assurance in Mumbai, he said assurance
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