Reserve Bank of India wins risk manager of the year award 2024

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Posted By: jasabacklink June 17, 2024

The Reserve Bank of India (RBI) has been awarded the “Risk Manager of the Year Award 2024” by Central Banking, a renowned publication headquartered in London.

This prestigious accolade highlights the RBI’s significant progress in cultivating a robust risk culture and heightened awareness, solidifying its essential role in maintaining the stability of India’s financial system.

The announcement was shared through a post on the social media platform X, formerly Twitter, by the official RBI account.

The post stated, “The Reserve Bank of India has been awarded the Risk Manager of the Year Award 2024 by Central Banking, London, UK. RBI was awarded the best risk manager for improving its risk culture and awareness. Executive Director Shri Manoranjan Mishra received the award on behalf of the RBI. #rbi #centralbanking #centralbankingawards.”

RBI’s measures?

During the recent global economic turmoil, the RBI took a cautious approach to monetary policy. The apex bank did not drastically increase interest rates, unlike many other central banks, which could have stifled economic growth in India. However, it maintained a holding stance, keeping rates steady while closely monitoring inflation.

The RBI established a regulatory sandbox to facilitate controlled experimentation with new financial technology products and services. This allows fintech companies to test their innovations in a limited environment, enabling the RBI to assess potential risks before widespread adoption.

Additionally, on June 7, the Reserve Bank of India (RBI) relaxed overseas investment regulations and clarified ambiguities for wealthy Indians, business families, and startups seeking to invest in foreign securities, funds, and companies, Mint reported earlier this month.