Particular regard should be given to the role of the supervisory body for the relevance and coverage of the competences attributed to it by law, including overseeing the management body of the undertaking; verifying the precision of the reporting documents and correct assessment of its assets and results; and overseeing the effectiveness of, inter alia, its risk management, internal control and internal audit systems.
Simultaneously, issuance of guidelines for differentiated licences for small finance banks and payment banks are in the final stages. Possibility of continuous or “on-tap” licensing, setting up of wholesale banks and conversion of large urban co-operative banks into commercial banks were detailed in our consultation paper issued earlier.