To improve risk-management practices, RBI tells NBFCs to post ‘chief risk officer’

The Reserve Bank of India has asked non-banking finance companies (NBFCs) with asset size of more than ₹5,000 crore to appoint a chief risk officer (CRO) with clearly specified role and responsibilities, in view of the increasing role in direct credit intermediation of these companies. The RBI directive comes in the backdrop of the IL&FS imbroglio and its ripple impact on NBFCs.

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Source: Business Line