Reserve Bank of India bags ‘risk manager of the year award 2024’ by London’s Central Banking publication.
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.
RBI Executive Director Manoranjan Mishra received the ‘Risk Manager of the Year Award 2024’ from Central Banking, recognizing the Reserve Bank of India’s exemplary risk management
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’s measures?
RBI’s Risk Monitoring Department has been central to formulating and implementing an enterprise-wide risk management (ERM) framework.
Over the past year, RBI has focused on three main areas: strengthening existing risk controls, developing new frameworks to cover a broader range of risks, and promoting a robust risk culture throughout the organisation. Their efforts have improved RBI’s operational risk management from a “managed” to an “advanced” category by international standards.
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.
RBI has benchmarked its practices against international standards and is working on cybersecurity controls.
