RBI Wins 'Risk Manager of the Year Award 2024'

Tags: Awards

The Reserve Bank of India (RBI) received the 'RiskManager of the Year Award 2024' at the Central Banking Awards 2024.

An Overview of the News

• The award was part of the Central Banking Awards 2024, the 11th edition of the annual awards.

• The awards were presented by Central Banking Publications, a London-based financial publisher owned by Infopro Digital.

• Manoranjan Mishra, RBI's Executive Director, accepted the award on behalf of the RBI during the ceremony in London, UK.

RBI's Achievements in Risk Management:

• The award recognizes the RBI's significant progress in enhancing its risk culture and awareness.

• This progress has cemented the RBI's crucial role in maintaining the stability of India's financial system.

Regulatory Sandbox:

• The RBI established a regulatory sandbox to facilitate controlled experimentation with new financial technology products and services.

• This allows fintech companies to test their innovations in a limited environment, enabling the RBI to assess potential risks before widespread adoption.

Recent Amendments by RBI:

• In June 2024, the RBI amended the Foreign Exchange Management (Overseas Investment) Directions, 2022.

• These amendments aim to relax overseas investment regulations and clarify ambiguities for wealthy Indians, business families, and startups seeking to invest in foreign securities, funds, and companies.

2024 Winners:

• Central Bank of the Year: Central Bank of Brazil

• Governor of the Year: Andriy Pyshnyy, National Bank of Ukraine

Central Banking Awards 2024

• The Central Banking Awards 2024 recognize excellence in a sector navigating complex challenges, including inflation, technology shifts, and environmental transitions.

• The 2024 awards include 13 central bank categories and 12 partner and service provider categories.

• The first edition of the Central Banking Awards was presented in 2014.

Central Banking Publications:

• Established: 1990

• Acquired by: Infopro Digital in 2017

• Founder and Chairman: Robert Pringle

• Headquarters: London, UK