- The decision to tighten the norms for CICs is taken after the recommendations of the Working group which was asked to Review the Regulatory and Supervisory Framework for CICs.
- The committee to review the framework for CICs was chaired by Tapan Ray.
- As per the decision, RBI says that the parent CIC in a group will have to form a committee (Group Risk Management Committee) which will analyse risk to which the group is exposed.
- The Group Risk Management Committee (GRMC) will report to the board of CIC atleast once in a quarter.
- The GRMC will discuss all risk strategies at an aggregated level depending upon the type of risk.
- Also as per other decision, CICs with an asset of over Rs 5000 crore will have to appoint Chief risk officer.
- If a CIC makes any direct or indirect equity investment in another CIC, it will be deemed as a layer for the investing company.
- Also, RBI has directed CICs to maintain a functional website which will display annual reports, corporate governance report, management discussions and meeting reports etc.
- Static Part:
- HQ of RBI: Mumbai
- Governor of RBI: Shaktikanta Das
Question:
a. Bibhu Prasad Kanungo
b. Mahesh Kumar Jain
c. Tapan Ray
d. Michael Debabrata
