 "RBI, reserve bank of india")
As a step towards bringing uniformity in the compliance culture of banks, the Reserve Bank of India (RBI) has prescribed norms for appointment of chief compliance officers (CCOs), whose term has to be at least three years.
The person holding the position should be a senior-level executive, preferable general manager and above.
According to the norms, the CCO will report to the chief executive officer (CEO) and/or the board committee. This is a variance from what was suggested in the discussion paper on governance in commercial banks released by the RBI in June 2020. It had suggested that CCOs will report to
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