CURRENT AFFAIRS

2020

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which organsiation issued a notice on Compliance functions in banks and role of CCO?

A	RBI
B	SIDBI
C	SEBI
D	SBI

Explanation:

Detailed explanation-1: -The Reserve Bank of India (RBI) on April 11, 2022 has issued a notification regarding the Compliance Function and Role of Chief Compliance Officer (CCO) in Non-Banking Financial Companies in the Upper Layer (NBFC-UL) and Middle Layer (NBFC-ML).

Detailed explanation-2: -Reserve Bank of India. 1. As per Para 2.1, the compliance function is expected to ensure compliance to all applicable statutory provisions, apart from other rules, regulations and code of conducts.

Detailed explanation-3: -The CCO and Compliance Function shall have the authority to communicate with any staff member and have access to all records or files that are necessary to enable her / him to carry out entrusted responsibilities in respect of Compliance issues. This authority shall flow from the Compliance Policy of the UCB.

Detailed explanation-4: -2.14 The bank’s Board of Directors shall be overall responsible for overseeing the effective management of the bank’s compliance function and compliance risk. The MD & CEO shall ensure the presence of independent compliance function and adherence to the compliance policy of the bank.

There is 1 question to complete.