RBI has wide-ranging and comprehensive powers to deal with PSBs: Govt

He further said that the RBI has a nominee director on the management committee of PSBs

The NDA government on Tuesday hit back at the Reserve Bank of India (RBI), countering its claim that it did not enjoy equal regulatory powers over both public and private sector banks.

Minister of State for Finance Shiv Pratap Shukla told Rajya Sabha in a written reply that the banking regulator has “wide-ranging and comprehensive” powers to take action against public sector banks to tackle cases of frauds, under the present legal framework.

The government’s comments come months after RBI governor Urjit Patel had, during a public speech, complained of lack of regulatory powers to take action against erring public