ICICI Bank Ltd.

The Reserve Bank of India (RBI), to ensure compliance of global prudential norms and reduce supervisory overlap, has set up two supervisory bodies for State Bank of India (SBI) and private sector lender, ICICI Bank. The objective of establishing supervisory college is to deal with supervisory issues revolving around these banks and establish a co-operation mechanism for cross-border supervision.

Supervisory colleges have evolved the world over as an important component of effective supervisory oversight of an international banking group. This mechanism was developed with the aim of reducing supervisory overlap and filling in supervisory gaps for better supervisory co-operation enunciated in Basel II Framework. The concept was enunciated in the Basel Committee for Banking Supervision (BCBS) October 2010 Document, 'Good Practice Principles on Supervisory Colleges'.

For State Bank of India (SBI) there are nine host country supervisors. These are, Bangladesh Bank, Central Bank of Bahrain, National Bank of Belgium, Dubai Financial Services Authority, Financial Services Authority (London), Federal Financial Services Authority (BaFin), Bank of Mauritius, Nepal Rastra Bank and Monetary Authority of Singapore. Meanwhile, ICICI Bank has seven host country supervisors. These are Central Bank of Bahrain, National Bank of Belgium, Dubai Financial Services Authority, Financial Services Authority (London), Federal Financial Services Authority (BaFin), Bank of Russia and Monetary Authority of Singapore.