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RBI asks NBFCs with over Rs 5,000 crore in assets to appoint risk officers

Reuters/New Delhi 16 May 19 | 07:52 PM

The Reserve Bank of India said on Thursday that non banking financial companies (NBFCs) with asset size of more than Rs 5,000 crore should appoint a chief risk officer in a move to tighten regulation after a series of defaults at top lender Infrastructure Leasing & Financial Services' (IL&FS).

The government took control of IL&FS last year after its default triggered fears about contagion in India's financial sector.

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An independently functioning chief risk officer with clearly specified role and responsibilities has to be appointed by NBFCs, the Reserve Bank of India said in a statement.

"With the increasing role of NBFCs in direct credit intermediation, there is a need for NBFCs to augment risk management practices," the central bank said in a statement.

The central bank said that the chief risk officer has to be appointed for a fixed tenure and cannot be removed without board approval.

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