These include strengthening and harmonisation of regulatory guidelines for non-bank finance companies, rationalising the priority sector lending guidelines, measures for strengthening the fraud risk management system and resolution of fraud cases in commercial banks, designing a charter of customers’ rights, developing a framework for resolution of financial firms under distress and catalysing the state level coordination committee structure for better regulation, supervision and monitoring of the activities of firms indulging in promoting Ponzi schemes.
Accordingly, the focus of our attention now is on the most significant risks within a particular financial institution and within the industry as a whole. Consistent with this new approach, we are reorganizing the BSP supervision and examination sector.