Information technology has made possible the creation, valuation, and exchange of complex financial products on a global basis heretofore envisioned only in our textbooks, and even that just in recent years. Derivatives are obviously the most evident of the many products that technology has inspired.
RBI guidelines on compliance function in banks 12. In 2007, RBI issued guidelines to banks on the compliance function based on the Basel Committee guidance. The guidelines articulated the minimum requirements for putting in place an effective compliance function in banks. The guidelines also intended to guide bank-led “Financial Conglomerates” in managing their “Group wide compliance risk”.