RBI Governor Breaks his Silence on Banking Fraud

RBI Governor Breaks his Silence on Banking Fraud

Breaking his silence on the various banking sector frauds and irregularities, RBI governor Urjit Patel on Wednesday, 14 March said that the Reserve Bank was “angered, hurt and pained”.

He added that banking frauds amount to “looting of the country’s future” by some in the business community who were conspiring with the lenders.

“If we need to face brickbats and be ‘the Neelakantha’ consuming this poison, we will do so as our duty”, the RBI governor said.

It has been slightly over a month since latest fraud in Indian banking sector broke news. Success has many fathers, failures none. Hence, there has been usual blame game, passing the buck and a tonne of honking, mostly short-term and knee-jerk reactions.

RBI Governor Urjit Patel.

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