The Reserve Bank of India will wait for banks to "revert and rectify" violations brought to light in a recent study authorized by it and only take action in case the errors lead to serious repercussions. According to top RBI sources, the know-your-customer and other violations committed by as many as 30 private and state-owned banks - as indicated by a report "inspected" by the apex bank - will attract action only if the errors went beyond "transactional" lapses into something more serious ..........
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