Compliance culture – Indian scenario Reserve Bank of India had introduced a system of “Compliance Officer” in banks way back in August 1992, based on recommendations by the Committee on Frauds and Malpractices in Banks (Ghosh Committee).
The role of compliance officers came into sharper focus since 1995 when the General Manager in charge of Audit and Inspection was made responsible for the compliance functions, with a requirement for periodic reporting or certification on compliance functions directly to the CMD.