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The Reserve Bank of India (RBI), on Wednesday, said the College of Supervisors (CoS) is being fully operationalised for effective oversight of the regulated entities by augmenting and ensuring a consistent quality of supervisory resources pool.

This move comes in the backdrop of a string of scams involving the IL&FS Group, Punjab National Bank, Dewan Housing Finance Corporation, and Punjab and Maharashtra Co-operative Bank hitting the financial system in the last 2 to 3 years.

The CoS, which was functioning in a limited way in virtual mode since May 2020, will have a full-time Director, supported by an Academic Advisory Council (AAC), comprising six members, the central bank said in a statement.

NS Viswanathan, former Deputy Governor, RBI, will be the Chairperson of AAC. The members of the council include: Arijit Basu, former Managing Director, State Bank of India; Paresh Sukthankar, former Deputy Managing Director, HDFC Bank; S Raghunath, Pofessor, IIM-Bangalore; Tathagata Bandyopadhyay, Professor, IIM- Ahmedabad; and Subrata Sarkar, Professor, Indira Gandhi Institute of Development Research.

Rabi Narayan Mishra, former Executive Director, RBI, has been appointed as the Director of CoS.

The AAC will identify areas where skill building/up-skilling are required, plan and develop curricula of all programmes, benchmark the programmes with international standards/best practices, develop appropriate teaching methods, among others, the central bank said.

As part of the measures to further strengthen supervision over regulated entities, the RBI had set up a CoS to augment and reinforce supervisory skills among its regulatory and supervisory staff, both at entry level and on a continuous basis.

This was done to facilitate the development of unified and focussed supervision by providing training and other developmental inputs to the concerned staff.

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