As it investigates the over Rs 5,000-crore Bank of Baroda illegal remittance scam, the RBI will look at invoking inter-regulatory provisions at the transacted countries.
"We will look and invoke any inter-regulatory provisions if there is a need," said SS Mundra, RBI Deputy Governor, speaking on the sidelines of a capital markets event organised by FICCI.
Though denying the scam to be a systemic issue, Mundra said each incident gives a reason to regulators to relook at the provisions.
It is alleged that black money was remitted from Bank of Baroda to Hong Kong camouflaged as payments for non-existent imports like cashew, pulses and rice.
The amount is claimed to have been deposited in 59 accounts in cash as advance for imports that never existed.
On October 12, 2015, the CBI and the Enforcement Directorate started investigating the matter.
The banking regulator is looking at pooling any multiplicity of transactions, how technology can be used more efficiently and at how the oversight (in the scam) can be more realtime, among others.
"How the controls are imposed and how the oversight happened is what needs to be checked and we are looking at it....
These are the broad objectives we're looking at," he said, adding that we would need more safeguards.
The CBI, ED and RBI are looking at the fraudulent transactions and "at an appropriate time we will exchange information".
Maintaining all the framework and making the system more robust is what we're looking at, he added.