 "reserve bank of india")
The Reserve Bank of India said on Thursday that non banking financial companies (NBFCs) with asset size of more than Rs 5,000 crore should appoint a chief risk officer in a move to tighten regulation after a series of defaults at top lender Infrastructure Leasing & Financial Services' (IL&FS).
The government took control of IL&FS last year after its default triggered fears about contagion in India's financial sector.
An independently functioning chief risk officer with clearly specified role and responsibilities has to be appointed by NBFCs, the Reserve Bank of India said in a statement.
"With the increasing role of
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