The discussion, according to an RBI release, focused on a range of issues including evolution of the business models of SFBs; enhancing board oversight and professionalism; further improvements in assurance functions, compliance; internal control and risk management; and need to build up their IT infrastructure both for enhanced customer experience and for cyber security resilience.
“…the stress build-up due to COVID-19 and the mitigation measures for continued resilience of books of SFBs also formed part of the discussion,” it said.
Challenges and the way forward were also deliberated upon to enable the SFBs to play their role in the Indian financial intermediation space and contribute to financial inclusion, the RBI said.
The deputy governors recognised also the contribution of SFBs towards financial inclusion by extending credit and reaching out to the underserved sections of society.
“Fruitful discussion was held in which the MDs and CEOs shared their experiences and ideas on the need to work together so that stated objective is achieved for which differentiated licences were issued,” the release said.
Other senior RBI officials, including executive directors too participated in the meeting.