Internal Control Systems Like the central banks in developed supervisory regimes, the RBI also has started placing an increasing reliance on professional accountants in the assessment of internal control systems of the banks and non-bank financial institutions. Over the period, the responsibilities of auditors have been delineated not only to make the audit more detailed but also to make them accountable.
At the same time, as shown in the recent collapse of Silicon Valley Bank, the development of mobile banking and other information technologies has also enabled rapid movements of massive amounts of funds between institutions, thereby accelerating the speed of stress propagation.