Expressing deep anguish over a spate of banking frauds, RBI Governor Urjit Patel said today that like the 'Neelakantha', the central bank will consume poison and face brickbats, but will persist with endeavour to become better with each trial.
Breaking silence over the Rs 12,967 crore scam at PNB, he said: "I have chosen to speak today to convey that we at the Reserve Bank of India also feel the anger, hurt and pain at the banking sector frauds and irregularities."
Delivering a lecture at the Gujarat National Law University here, he said: "In plain simple English, these practices amount to a looting of our country's future by some in the business community, in cahoots with some lenders."
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