The Reserve Bank of India (RBI) has decided to recruit 35% of the specialised supervisory and regulatory cadre (SSRC) from the market while the remaining 65% will be recruited via internal promotions
- The Specialized Supervisory and Regulatory Cadre (SSRC) will comprise officers in Grade B to Executive Director level.
- On November 1, 2019, RBI decided to reorganise its regulation and supervision departments. It merged the three regulatory departments (department of banking, non-banking and cooperative bank) into one and did likewise for the three supervisory departments.
- As a result, there is only one supervisory department which looks after supervision of banks, NBFCs and cooperative banks and only one regulatory department for these three.
- The move was aimed at dealing more effectively with potential systemic risk that could come about due to possible supervisory arbitrage and information asymmetry.
Source : The Hindu