http://goo.gl/UW2O5
The highlights of RBI's notice to all MNC banks functioning in India
1. The Reserve Bank said that the Indian Chief Executive Officers (CEOs) of the entire foreign bank functioning in India (34 MNC banks) would be responsible for oversight of regulatory and statutory compliances.
2. RBI has also expressed concerns about;
a) The adequacy of regulatory compliance by foreign banks in India
b) The reporting model of the unit heads (reporting directly to Functional Heads located outside the country)
3. The Indian CEOs (of MNC banks) will be responsible for compliance with the norms of the central bank.
Analysis: Hey i was wondering how could Bank CEO's enforce this in letter & Spirit - Post facto reporting and compliance is one thing, when the going is good. However this approach of post facto reporting is ineffective, when a surprise event happens. The only and the best way bank CEO's can enforce this is if they get realtime intelligence about their business - not fortnightly, not weekly, not end of day - but right NOW!
It is but natural that, one will see renewed efforts by CXO's to get these pattern based information in realtime - so that preventive steps can be taken NOW. A REPORT by its very nature means, that one was caught unawares!
The highlights of RBI's notice to all MNC banks functioning in India
1. The Reserve Bank said that the Indian Chief Executive Officers (CEOs) of the entire foreign bank functioning in India (34 MNC banks) would be responsible for oversight of regulatory and statutory compliances.
2. RBI has also expressed concerns about;
a) The adequacy of regulatory compliance by foreign banks in India
b) The reporting model of the unit heads (reporting directly to Functional Heads located outside the country)
3. The Indian CEOs (of MNC banks) will be responsible for compliance with the norms of the central bank.
Analysis: Hey i was wondering how could Bank CEO's enforce this in letter & Spirit - Post facto reporting and compliance is one thing, when the going is good. However this approach of post facto reporting is ineffective, when a surprise event happens. The only and the best way bank CEO's can enforce this is if they get realtime intelligence about their business - not fortnightly, not weekly, not end of day - but right NOW!
It is but natural that, one will see renewed efforts by CXO's to get these pattern based information in realtime - so that preventive steps can be taken NOW. A REPORT by its very nature means, that one was caught unawares!
No comments:
Post a Comment