During the course of the supervisory process, the Reserve Bank has observed various lacunae in the compliance culture of Indian banks. Some of the weaknesses and irregularities observed have been recurring in spite of the averments made by bank managements having carried out remediation. My expectation from the banks is that they make serious efforts towards overall improvement of their compliance function.
•  South Africa’s financial services sector is a recognised strength, with the country ranked in the top three in the world in the regulation of securities exchanges, soundness of our banking sector and access to financial services as part of a considered policy of financial inclusion.