All public sector and private banks have been asked by the RBI to conduct a “thorough internal audit” and put the report before their respective audit committees, as part of the central bank’s efforts to check fraudulent foreign exchange transactions.
The move comes in the wake of irregularities that came to light last year in ₹6,100 crore import remittances effected by Bank of Baroda’s Ashok Vihar branch here.
A circular has been issued to all scheduled commercial banks, advising them to conduct a thorough internal audit and place the report before audit committee of the board of the respective banks and to forward the summary of findings to RBI, the central bank said.