Various issues which received regulatory attention during the recent period include ownership and governance in banks, further progress towards international best practices in prudential norms with country-specific adaptation, greater deregulation and rationalisation of banking policies, compliance with Know Your Customer (KYC) norms, strengthening the financial system for global integration in the light of the ongoing liberalisation of the capital account, greater inter-regulatory co-ordination and the drive for improving the quality of public services rendered by banks.
In the evolution and implementation of policy, a consultative approach continues to be followed through formal institutional structures such as the Board for Financial Supervision, the newly-formed Standing Committee on Financial Regulation, the Technical Committee on Money and Government Securities Markets and also through specific working groups and committees as well as formal and informal consultations with the regulated entities, external experts and professionals.