RBI lashes out on banks for poor compliance
Deputy governor MK Jain, who is in charge of banking and non-banking supervision departments, said that the regulator has imposed penalties of Rs 122.9 crore on 70 occasions between January and July this year.
The compliance culture in Indian banks is far from satisfactory and some of the big losses suffered on account of frauds could have been avoided if it was in place, the Reserve Bank of India's (RBI) deputy governor MK Jain said on August 20.
Jain, who is in
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