RBI asks large NBFCs to appoint CROs

Mumbai: The Reserve Bank asked NBFCs with asset size of over Rs 5,000 crore to appoint board-approved chief risk officer (CRO) with adequate professional qualification and a fixed tenure.

This is being done to augment risk management practices in view of the increasing role of non-banking financial companies (NBFCs) in direct credit intermediation. “It has been decided that NBFCs with asset size of more than Rs 50 billion shall appoint a CRO with clearly specified role and responsibilities,” it said.

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