%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(7).png "RBI Releases Updated Guidance on Operational Risk Management and Resilience for Lenders")
- This note aligns RBI's regulations with international best practices and the Basel Committee on Banking Supervision (BCBS) principles.
- Here's a summary of the key points:
- Updates RBI's Guidance: This replaces the previous Guidance Note on Management of Operational Risk from 2005.
- Focuses on Operational Resilience: It emphasizes the importance of lenders being able to withstand and recover from disruptions.
- Aligns with BCBS Principles: The update incorporates best practices outlined in the BCBS's "Revisions to the Principles for the Sound Management of Operational Risk" and "Principles for Operational Resilience" documents, both released in March 2021.
Question:
Q.1 The Reserve Bank of India (RBI) recently released an updated Guidance Note on Operational Risk Management and Operational Resilience. What is the PRIMARY purpose of this update?a. To replace outdated information on credit risk management
b. To introduce entirely new regulations for the banking sector
c. To emphasize the importance of lenders recovering from disruptions
d. To update information on managing a single type of operational risk
