Thursday, May 15, 2014

Big Loan Defaulters to Face RBI Audit

The Board of Financial Supervision (BFS), chaired by Reserve Bank of India (RBI) governor Raghuram Rajan, has, in fact, cleared a proposal that the central bank will conduct an independent forensic audit of corporates declared fraudulent by banks. Independent audits, however, will be restricted to corporates that have borrowed more than `1,000 crore.

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