14-01-2021 | 14:12 PM
Academic advisory council for College of Supervisors (COS)
Context
Recently Reserve Bank of India (RBI) formed an advisory council under former deputy governor N S Vishwanathan to advise the director of the central bank on supervisory colleges.
About Academic Advisory Council
The academic advisory council will identify areas where upskilling and building are required in supervisory colleges.
The council will also plan and develop the curriculum of all programmes and will benchmark the programmes with international standards and best practices.
The council will also develop appropriate teaching methods.
About College of Supervisors (CoS)
The College of Supervisors was set up by RBI.
It was set up as part of the measures to further strengthen Supervision over regulated entities.
The main objectives of Supervisory colleges are:
To improve understanding of risk profile of the banking group,
To enhance information exchange and cooperation among supervisors.
To facilitate effective supervision of internationally active banks.
To augment and reinforce supervisory skills among its regulatory and supervisory staff both at entry level and on a continuous basis.
India launched the Supervisory colleges after the PMC Bank scam. The Supervisory colleges were launched to prevent PMC Bank scam scenarios in the future.
While the CoS was functioning in a limited way in virtual mode since May 2020, it is now being fully operationalised.
This will further contribute to effective oversight of the regulated entities by augmenting and ensuring a consistent quality of supervisory resources pool.
The CoS will have a full-time Director supported by an Academic Advisory Council (AAC).
Rabi Narayan Mishra, former Executive Director, RBI has been appointed as the Director of CoS.
