NBFCs with asset size more than Rs. 50 billion need to appoint Chief Risk Officer

With the increasing role of NBFCs in direct credit intermediation, there is a need for NBFCs to augment risk management practices. While Boards of NBFCs should strive to follow best practices in risk management. Therefore, the Reserve Bank of India has decided that NBFCs with asset size more than Rs. 50 billion need to appoint a Chief Risk Officer with clearly specified role and responsibilities. The Chief Risk Officer is required to function independently so as to ensure highest standard

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