In this context, it would be a mistake to underestimate the determination of G-20 leaders to reshape the financial services industry. Last month in Pittsburgh, the leaders of the G-20 endorsed a comprehensive agenda, whose implementation is just beginning.
The RBI has also taken several measures to improve governance and risk management in banks and NBFCs. These include issuance of updated guidelines on corporate governance in Scheduled Commercial Banks in April 2021. The role of Chief Risk Officers(CROs) in SCBs has been strengthened and the requirement of CROs in large NBFCs and UCBs has been mandated.