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Thursday, October 15, 2015

Raghuram Rajan says Bank of Baroda forex case will be pursued to ultimate conclusion

Expressing concern over the illegal Rs 6,000 crore transfer of funds through a Bank of Baroda branch , RBI Governor Raghuram Rajan said on Thursday it will be pursued both by the central bank and investigative agencies to the ultimate conclusion to ensure that the guilty are made to pay the price for it.
He also said that if not pursued quickly, such frauds create an atmosphere of impurity which then breeds more such practices
We have created a whole new system for fraud alerts, fraud awareness amongst the banks. My hope is, going forward, we will pursue these frauds to the ultimate conclusion so that those who commit frauds do in fact pay the price for committing them. Otherwise if they are not pursued quickly and pursued to their logical conclusion, it creates an atmosphere of impurity, which then breeds more such practices," Rajan said after an RBI board meeting in Aizawl.
Replying to questions on the alleged scam, Rajan said sharp practices were at work. "It does raise questions about fraud in the system, at this time we don't know enough to allege one. What I am saying is generally," he said.
Rajan said that it was very important that a message is sent that if there is deliberate laxity, deliberate violation of rules in order to give private gains to certain parties, they should be pursued both by the regulator and the law enforcement agencies. "We have put up certain structures which will help them go forward," he added. 
source business today

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