Considering the inadequacy and ineptitude of the norms prescribed by the Securities and Exchange Board of India to handle governance in banks and financial establishments, the Reserve Bank of India has published a Discussion Paper on Governance in Commercial Banks in India.According to the RBI the objective of the discussion paper is to bring into line the current governing scaffold with international best practices while being watchful of the framework of the domestic financial system.
The due date for evocations and comments on the discussion paper was July 15. The RBI has mentioned that fresh guidelines will be released based on the feedback of stakeholders. The new norms applicable to private, foreign and public sector banks will come into effect within six months after being sited on the website of Reserve Bank of India or from 1st day of April 2021, whichever is later.
What's on paper?
The discussion paper sees the light of day in the background of two latest cases of governance failures at ICICI and YES banks. The former CEO of ICICI bank had to step down in the midst of accusations of conflict of interest and for violation of code of conduct. The founder of YES bank has been charge-sheeted by Enforcement Directorate for granting high value loans in slipshod fashion.
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