Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the e-panel discussions:
- Mr. Sridhar R, Former President & Credit Risk Officer, Lakshmi Vilas Bank
- Mr. Sugata Datta. Former Advisor & Chief General Manager, Bank of India
- Mr. Anand Bajaj, Founder & CEO, Nearby Technologies Private Ltd
- Mr. Neeraj Chandra, Head of Operations & Technology, Abu Dhabi Commercial Bank
- Mr. P B Prakash, Head-Financial Institutions Group, IndusInd Bank
- Mr. Sameer Nemavarkar, Former CEO, Atos Worldline India
- Mr. Vikas R Panditrao, Co-Founder, Forum of Industry Academic Knowledge Sharing
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum who participated as anonymous
The question that burned in the FIAKS communities this time was – How can a regulator’s report to a bank be confidential? The question was brought about because a member says that there are many other stakeholders who have a right to know about what is there in the report.
One of the members wondered when these questions were brought up, what actions were taken by a righteous Regulator when wide divergence was made public some time back. Almost all of the financial press reported the same. So the question is – Did the Regulator leak it then? Another question that arose was – Did it, at that time, not adversely impact the credibility and deposit mobilizing capability of all the banks that were involved? It was considered to be a strange mix of paradoxical behavior by the Regulator.
One of the members pointed out a very important reason why it is not disclosed to the public. He said that there are many trivial points in the report that are not of material nature but may create panic if read by someone with no or little background. Therefore, making the report public will not be in the interest of the bank or the regulator.
A member brought up a recent article from the Economic Times related to this thread that fueled this discussion. (Refer Bibliography)
One of the experienced members opines that RBI reports are confidential in nature. They are meant for the CEO and Board of Directors. It can’t be made public and that too positioned in a convenient manner for anyone to read. Some of the members agreed with this statement.
One of the experts questioned the very premise of keeping it confidential. He believes that RBI should release their reports for the benefit of the public and investors, except for matters that are really sensitive. Divergence report can’t fall into the top secret category. This will also stop the trend of selective leaking and reporting.
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