RBI sets up supervisory colleges for SBI and ICICI
05 December 2012
The Reserve Bank of India (RBI) has set up supervisory colleges for the State Bank of India (SBI) and ICICI Bank Ltd, so as to help them deal with supervisory issues and establish a cross-border cooperation mechanism.
The two banks have been chosen for setting up the supervisory college as both have substantial cross border presence, RBI said in a statement.
Though India does not have any systemically important banks (SIBs), RBI has decided to establish a supervisory college each for SBI and ICICI Bank Ltd with a view to benchmarking India with the best practices across the globe. Both banks have also vast expanse of overseas operations spreading across many supervisory jurisdictions.
While SBI is the largest bank in the country with maximum foreign officers among Indian banks, ICICI Bank is the largest private sector lender. The two banks also have a significant presence abroad.
SBI will have nine host country supervisors while ICICI Bank will have seven host country supervisors.
For State Bank of India (SBI) there are nine host country supervisors. These are, Bangladesh Bank, Central Bank of Bahrain, National Bank of Belgium, Dubai Financial Services Authority, Financial Services Authority (London), Federal Financial Services Authority (BaFin), Bank of Mauritius, Nepal Rastra Bank and Monetary Authority of Singapore.