Swaminathan said NBFCs are highly exposed to a number of risks, including cybersecurity and other risks, that can affect their financial and operational status.
 "RBI urges NBFCs to remain vigilant against potential risks")
Atila Barrie mumbai
Reserve Bank of India (RBI) Deputy Governor Swaminathan J on Wednesday urged non-banking financial companies (NBFCs) to remain vigilant against potential risks and vulnerabilities and strengthen their governance and assurance capabilities during the dialogue. requested that it be done.
The conference was held in Mumbai for selected NBFC assurance heads (i.e. Chief Compliance Officer, Chief Risk Officer, Internal Audit Head). The conference was attended by around 280 participants representing more than 100 NBFCs, and Deputy Governors M. Rajeshwar Rao and Swaminathan J addressed the participants.
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Swaminathan said at the conference that NBFCs are highly exposed to a number of risks, including cybersecurity and other risks, that can impact their financial and operational standing. He also spoke about the central bank’s expectations for the guarantee function.
“He particularly emphasized cybersecurity and operational risk, credit risk through rules-based credit models, and liquidity risk. , the Reserve Bank’s supervisory expectations for regulated institutions,” said an RBI press release.
Mr. Rao further elaborated on the transformational journey and progress witnessed in the Indian financial landscape and the contribution of the NBFC sector towards it.
Apart from the Deputy Governor, Director General SC Murmu, Mr. Saurav Sinha, Mr. JK Dash, Mr. Rohit Jain and other senior officials representing the regulatory and supervisory department of RBI also participated in the meeting.
The conference featured technical sessions on three assurance functions by the Chief General Manager of RBI. Presentations on best practices and challenges faced were also given by these selected Heads of Assurance of his NBFCs.
The event, themed ‘Resilient financial systems – the role of an effective guarantee function’, is part of a series of supervisory engagements the Reserve Bank has organized with regulated institutions over the last year.
As part of this series, the Scheduled Commercial Bank Guarantee Department Heads Conference was last held in January 2024.
