Substack

Thursday, December 17, 2020

India state capability fact of the day - RBI edition

From Rakesh Mohan, on the RBI,

It is surprising that as the financial sector has grown in both complexity and size over the last 10 years, the strength of RBI professional staff has actually reduced by a third from around 9,400 in 2009 to 6,670 in 2019. Of these, about 1,300 or so are entrusted with banking regulation and supervision. In comparison, the US Federal Reserve has around 22,000 professional staff, which are in addition to the many other financial regulators that exist in the United States. It is not surprising then that the financial sector has been subject to various regulatory and supervision failures in the last few years.

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