Money & Banking

Citibank fraud is no indication of regulatory failure: Montek

Our Bureau New Delhi | Updated on January 06, 2011 Published on January 06, 2011

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”.

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Published on January 06, 2011
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