If we need to face brickbats, we'll do it as our duty: Urjit Patel

RBI had identified, based on cyber risk considerations, the exact source of operational hazard - through which we understand now how the fraud had been perpetrated

There has been a tendency in the pronouncements post revelation of the fraud that the Reserve Bank of India (RBI) supervision team should have caught it. While that can always be said ex post with any fraud, it is simply infeasible for a banking regulator to be in every nook and corner of the banking activity to rule out frauds by “being there”. If a regulator could achieve such perfect outcomes, it would effectively imply that the regulator can do anything that banks can do, and by implication, can simply perform the entire banking intermediation activity itself. What is needed