The amended Act also explicitly recognised that it is essential to  have a monetary policy framework to meet the challenges of an increasingly complex economy and that the monetary policy framework shall be operated by the Reserve Bank of India.
This needs to be driven by the Board and senior management with effective accountability at all levels. 15. In addition to a strong risk culture, banks and non-banks should also  have appropriate compliance culture. Cost of compliance to rules and regulations should be perceived as an investment as any inadequacy in this regard will prove to be detrimental.