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Embracing meaningful assurance for sustainable growth of the NBFC Sector
(Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - May 15, 2024 - at the Conference of Heads of Assurance of Non-Banking Financial Companies (NBFCs) held in Mumbai)

Deputy Governor Shri Rao, Heads of Assurance functions from Non-Banking Financial Companies, and my colleagues from the Reserve Bank of India. A very good morning to all of you.

1. The Reserve Bank of India has been engaging with its supervised entities regularly over matters of governance and assurance functions, conveying the importance of strong organisational governance and remaining vigilant to ensure the continued stability of the financial sector. Assurance functions namely, the risk management, compliance and internal audit, play a very crucial role, as guardians ensuring the regulated entity operates soundly, safely, ethically and within regulatory and legal boundaries. Today’s conference for the heads of assurance functions is an extension of our efforts, recognising the critical role these functions play in ensuring the robustness and resilience of the financial entity itself as well as the overall financial system.
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