Really painful: Letter to BS on RBI forms panel to curb banks fraud

There must be a concurrent auditor for such a large branch

It has been reported that the Reserve Bank of India (RBI) is setting up a panel to curb bank fraud. It is ridiculous to set up a panel by the RBI now, after 49 years of bank nationalisation. Bank frauds are not new to India though PNB’s multi-crore fraud may be the largest one, which could have been avoided with compliance of simple internal control systems. The Rs 110 billion fraud in one group account and in one branch means that the branch must be a scale V or scale VI branch (in a banker’s language), headed by either a