The overarching theme for the Reserve Bank of India’s (RBI’s) regulated entities (REs) will continue to be around governance — be it housekeeping, the role of independent directors, or business models. The recently released RBI report, titled ‘Trend and Progress of Banking in India (T&P: FY24)’, gives a clear indication of what is in store. Under the process of supervision of banks, non-banking financial companies (NBFCs), and other REs, the focus is now on early detection and pre-emptive correction. The enhanced offsite assessment framework is more analytical and forward-looking with the introduction of macro-stress tests, early warning indicators, fraud vulnerability