Strengthen governance, urges RBI DG

MUMBAI: Strong governance intent can eliminate regulatory gaps and overlaps, RBI deputy governor Swaminathan J said, urging boards and regulators to move beyond procedural compliance. Speaking at the Gatekeepers of Governance Summit in Mumbai on Nov 7, he said boards must “own outcomes, not paperwork.”He outlined five practices essential for sound governance — boards owning outcomes, ensuring genuine independence, looking through group structures, empowering control functions, and conducting governance gap analyses. “When intent is strong, gaps bridge, overlaps simplify, and governance transcends mere compliance to become shared conscience,” he said.