RBI’s directive to private and foreign lenders

The Reserve Bank of India, RBI has asked private and foreign lenders to put in place a system of internal vigilance machinery and appoint a Chief of Internal Vigilance by August to check frauds and malpractices.
The directive aims at bringing such banks in line with the practices followed by state-owned banks to check frauds. RBI said in a notification that a compliance report to this effect may be submitted to it on or before the 31st of August this year.(NewsonAIR)