New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Consider the following statements regarding compliance

    function in NBFCs: i.         Non-Banking Financial Companies in the Upper Layer (NBFC-UL) and Middle Layer (NBFC-ML) would be required, inter alia, to have an independent Compliance Function and a Chief Compliance Officer (CCO) ii.        The CCO has to meet fit and proper criteria based on the requirements defined by RBI. iii.      The CCO shall be appointed for a minimum fixed tenure of not less than 2 years. Which of the above statements are true?
    A i & ii Correct Answer Incorrect Answer
    B iii & iv Correct Answer Incorrect Answer
    C i, iii & iv Correct Answer Incorrect Answer
    D only ii Correct Answer Incorrect Answer

    Solution

    Ref: RBI/2022-23/24 Ref.No.DoS.CO.PPG./SEC.01/11.01.005/2022-23, April 11, 2022.

    Practice Next