OJK's New Banking Regulation: Tightened Supervision Imposed

By Editorial Team 23/04/2024
Banking surveillance
Summary

The Financial Services Authority (OJK) has issued OJK Regulation No. 5/2024, governing the status of bank supervision and handling issues in commercial banks. The regulation outlines four key provisions: the designation of systemic banks and capital surcharge, recovery plans, supervision status and follow-up actions, and intermediary banks.

OJK's Chief Executive of Banking Supervision, Dian Ediana Rae, stated that this regulation harmonizes and updates Law No. 4/2023 on Financial Sector Development and Strengthening. This OJK regulation also addresses inter-agency coordination and strengthens institutional authority in the financial sector, particularly in banking. "This regulation is crucial for anticipating global geopolitical situations that may disrupt the national economy and banking operations," he said on Monday, Apr. 22.

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