Regulatory Alerts2026-07-31
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Reserve Bank of India (Commercial Banks - Compliance Function) Directions, 2026
The Directions apply to Commercial Banks, excluding Small Finance Banks, Payments Banks, and Local Area Banks, requiring the establishment of an independent Compliance Department headed by a Chief Compliance Officer. The Board must review the Compliance function quarterly and annually, while senior management must identify compliance risks at least annually and report material failures promptly. The Compliance function must be separate from Internal Audit, with staff remuneration not tied to specific business lines, and must ensure group-wide compliance risk management and adherence to Monitorable Action Plans within prescribed timeframes.
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