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Governor Urjit Patel calls for more powers over state-run banks in wake of fraud

Reuters  |  MUMBAI 

MUMBAI (Reuters) - The Reserve Bank of India chief said on Wednesday that it had "very limited authority" over state-run banks and called for reforms in the wake of a $2 billion fraud to give the regulator the same powers to police state-run banks as it has over private lenders. Reserve Bank of India (RBI) Governor Urjit Patel defended the central bank's role in the aftermath of the Punjab National Bank (PNB) fraud case and launched an indirect broadside against the Indian government, which has been critical of the role of the regulator and auditors in failing to spot the huge alleged ...

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First Published: Wed, March 14 2018. 18:49 IST