MUMBAI:
RBI
has asked asset reconstruction companies to foster a culture of integrity and ethical conduct after supervisory concerns in their functioning.
Addressing senior executives of ARCs in Mumbai, RBI deputy governor
J Swaminathan
asked them to adopt a ‘regulation plus’ approach, where
compliance
with both the letter and spirit of the
regulation
is achieved.
“Boards should accord due importance to assurance functions, namely risk management, compliance and internal audit. These functions play a critical role in identifying and mitigating risks, ensuring compliance with laws and regulations as well as safeguarding the organisation’s reputation,” he said.