In a bid to curb the menace of rising financial frauds, the Reserve Bank of India (RBI) has merged several of its departments.
To tighten regulatory and supervision apparatus for the financial sector its various departments dealing with merged to facilitate faster detection of financial misconduct.
Three verticals for regulation namely the departments of banking regulation, cooperative bank regulation and non-banking regulation are now amalgamated for efficiency augmentation since banks and nonbanks contend in several respects, and now function in overlapping business domains.
Industry sources reveal that the amalgamated entity will be titled as ‘department of regulation’.
Likewise, the department of banking supervision, department of cooperative bank supervision and department of nonbanking supervision will be combined into one and to be titled as ‘department of supervision.’
These changes will come into effect from October 1.
Massive internal restructuring at this level in RBI is happening after 6 years. During 2013-14, RBI under Raghuram Rajan had formed separate departments for regulation and supervision for non-banks and cooperative banking verticals.
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