You are here: Home » Opinion » Letters
Business Standard

Letter to BS: RBI should own up to its failure in regulating banks

The larger question of how to suitably compensate the hapless victims of bank frauds remains unanswered

Business Standard 

Focus on sustainability of agriculture, not loan waivers, says RBI

The collapse of PMC Bank has once again brought the issue of effective regulation of banks into focus. The (RBI) is entrusted with the responsibility of regulation of banks. Hence, the cannot escape being questioned whenever a bank regulated by it fails. With a spate of banking scams recently, the feeling is getting stronger that the should own up to its failure in regulating banks and make its regulatory mechanism more robust so as to detect frauds early.

But the larger question of how to suitably compensate the hapless victims of bank frauds remains unanswered. From a common man's point of view, the government of India and the need to collaborate and find a solution. The RBI on its part must do all it can to gather early warning signals of a fraud and carry out pre-emptive strike before it is too late. The reputation of both the RBI and the government is at stake and it is up to them to save the common man from the predators.

Sanjeev Kumar Singh, Jabalpur



can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201 ·
E-mail: letters@bsmail.in
All must have a postal address and telephone number

First Published: Thu, October 17 2019. 21:12 IST
RECOMMENDED FOR YOU