Reserve Bank powers expanded to remove directors, supersede boards and strengthen penalties and supervisory remedies. The Bill enhances the Reserve Bank's regulatory powers by increasing the net owned fund requirement for non-banking financial companies, creating statutory powers to remove directors and supersede boards, authorising sanctions against non-compliant auditors, establishing a resolution framework for non-banking financial companies, providing powers over group entities, and raising penalties under sections 58B and 58G to higher prescribed amounts.
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Reserve Bank powers expanded to remove directors, supersede boards and strengthen penalties and supervisory remedies.
The Bill enhances the Reserve Bank's regulatory powers by increasing the net owned fund requirement for non-banking financial companies, creating statutory powers to remove directors and supersede boards, authorising sanctions against non-compliant auditors, establishing a resolution framework for non-banking financial companies, providing powers over group entities, and raising penalties under sections 58B and 58G to higher prescribed amounts.
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