Comments
The Planning Commission does not see the Rs 300-crore Citibank fraud as a regulatory failure even as it pointed out that frauds cannot be ruled out in any mechanism.
“I don't see this (Citibank fraud) as a regulatory failure,” Mr Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission told reporters here.
“Individual problems always crop up. But I don't think that fraud can ever be ruled out. When it happens, you need to move quickly and take corrective action,” Mr Ahluwalia said.
The Reserve Bank of India (RBI) Deputy Governor, Dr K.C.Chakrabarty said that “all frauds (bank related frauds) will be looked into by the regulator”.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.