The Chinese insurance giant, which acquired a significant share in HSBC in 2017 through its asset management arm, has been selling off shares in the London-based bank amid a turbulent relationship in recent times
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Deputy Governor Swaminathan Janakiraman addressed this concern in a speech published on the central bank's website, targeting heads of assurance functions, including chief compliance and risk officers, and heads of internal audit from selected NBFCs
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Currently serving as the insurer's deputy chief executive officer, Gandhi's elevation is contingent upon approvals from the Insurance Regulatory and Development Authority of India (IRDAI), shareholders and other regulatory bodies
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In a landmark ruling in April 2024, the Supreme Court of India underscored a bank's accountability for its employees' actions
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Banks and financial institutions have been investing in IT infrastructure to manage operations, but compliance depends on many parameters
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According to RBI press release, this conference, attended by about 300 participants representing more than 120 UCBs, focused on enhancing the resilience of the financial system through effective assurance functions.
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Addressing a conference of heads of assurance of NBFCs held in Mumbai, Swaminathan J, Deputy Governor, RBI said that many NBFCs are increasingly turning to rule-based credit engines to accelerate the growth of their lending portfolios.
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The rating agency noted that the advisories being put out by the RBI concerning non-bank financial institutions (NBFIs) in the recent past have highlighted the compliance gaps in the sector
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