It is not the regulator’s job to make decisions for bank boards, Reserve Bank of India Governor Sanjay Malhotra said on Friday while speaking in the context of a wide range of reforms announced during the October review of the monetary policy.

“No regulator can, or should, substitute for boardroom judgment. Especially in a diverse country like ours, each case, each loan, each deposit is different—different risks, different opportunities,” Malhotra said.

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Last month, the RBI had announced multiple measures, including allowing banks to finance acquisitions, increasing limits on loans against shares, and laying out draft norms for transitioning to the expected credit loss (ECL) framework for loan loss provisioning.

Speaking at the SBI Banking and Economics Conclave, Governor

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