Banks told to conduct internal audit

All public sector and private banks have been asked by the RBI to conduct a "thorough internal audit" and put the report before their respective Audit Committees, as part of the central bank's efforts to check fraudulent foreign exchange transactions. A circular has been issued to all scheduled commercial banks, advising them to conduct a thorough internal audit and place the report before
audit committee of the board of the respective banks and to forward the summary of findings to RBI, the central bank said.