Considering the deep interest that he had shown during his life time and the relevance of that work to the RBI, I have chosen to speak on the subject of Rural Banking. After a brief review of the past and recent efforts, the current perceptions on outcomes are noted.
The assurance functions – risk management, compliance and internal audit – collectively assist the Board as well as the management to gauge whether the business operations of the bank are being run in conformity with the policies and strategies laid down by the Board. RBI has issued detailed guidelines for ensuring quality and independence of governance and assurance functions.