On January 6, 2020, the College of Supervisors (CoS), which was set up by Reserve Bank of India (RBI) in May 2020, has now been fully operationalized for effective supervision of the regulated entities. It was functioning in a limited way in virtual mode since May 2020.
- CoS will have a full-time Director. RBI has appointed Rabi Narayan Mishra, its former Executive Director as the Director of CoS.
- The full-time Director supported by an Academic Advisory Council (AAC).
What is College of Supervisors (CoS)?
CoS was set up in May 2020 to further broaden and strengthen the supervisory skills among RBI’s regulatory and supervisory staff at entry level and on a continuous basis. It was done by providing training and other developmental inputs to the concerned staff.
Reason behind setting up of CoS:
It was set up in the backdrop of scams involving the IL&FS Group (Infrastructure Leasing & Financial Services Limited), Punjab National Bank (PNB), Dewan Housing Finance Corporation, and Punjab and Maharashtra Co-operative Bank. These scams affected India’s financial system in the last 2 to 3 years.
What is Academic Advisory Council (AAC)?
The AAC will identify areas where skill building/up-skilling is required, plan and develop curricula of all programmes, benchmark the programmes with international standards/best practices, develop appropriate teaching methods, etc. It consists of 1 chairperson and 5 members.
Chairperson: NS Viswanathan, former Deputy Governor, RBI
- Arijit Basu, former Managing Director, State Bank of India (SBI)
- Paresh Sukthankar, former Deputy Managing Director (MD), HDFC (Housing Development Finance Corporation Limited) Bank
- S Raghunath, Professor, IIM (Indian Institute of Management) Bangalore
- Tathagata Bandyopadhyay, Professor, IIM Ahmedabad
- Subrata Sarkar, Professor, Indira Gandhi Institute of Development Research (IGIDR)
Recent Related News:
i.On December 8, 2020, Reserve Bank of India (RBI) cancelled the licence of The Karad Janata Sahakari Bank Ltd. Karad, Maharashtra to carry on banking business, which includes acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with effect from the close of business on December 7, 2020.
ii.On December 13, 2020, Reserve Bank of India (RBI) has decided to set up an Automated Banknote Processing Centre (ABPC) in Jaipur, Rajasthan for automated receipt, storage of fresh banknotes received from the printing presses, and then retrieval and dispatch of these banknotes to the identified issue offices (IOs)/currency chests (CCs).
About Reserve Bank of India (RBI):
Formation– 1 April 1935
Governor– Shaktikanta Das
Headquarters– Mumbai, Maharashtra
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeswar Rao)