• The Reserve Bank of India (RBI) has set up an academic advisory council with former deputy governor N S Vishwanathan as the chairperson to advise the full-time director of the central bank’s College of Supervisors (CoS).
• As part of the measures to further strengthen Supervision over regulated entities, Reserve Bank had set up a College of Supervisors (CoS) to augment and reinforce supervisory skills among its regulatory and supervisory staff both at entry level and on a continuous basis.
• While the CoS was functioning in a limited way in virtual mode since May 2020, it is now being fully operationalised. This will further contribute to effective oversight of the regulated entities by augmenting and ensuring a consistent quality of supervisory resources pool.
• The CoS will have a full-time Director supported by an Academic Advisory Council (AAC).
• The AAC will identify areas where skill building/up-skilling are required, plan and develop curricula of all programmes, benchmark the programmes with international standards/best practices, develop appropriate teaching methods, etc.
S. Viswanathan, Former Deputy Governor, RBI has been appointed as the Chairperson of AAC.
• Rabi Narayan Mishra, former Executive Director, RBI has been appointed as the Director of CoS.
Mains Paper 3: Economy
Prelims level: College of Supervisors
Mains level: Read the newsfeed