............It appears RBI Governor has chosen an easy way to bring himself out of the mess exposed by Cobrapost. First of all, under his very nose, Mr K C Chakrabarty openly dared to give a clean cheat to three private sector banks exposed in the first leg of the expose. I have yet to come across any news wherein he snubbed his Deputy for such bizarre statement to the press. Now RBI Governor says action will be taken at a lower level. Does he mean that it will be at DG level or even lower than DG level. If it is so, then we know the fate of the action, which will tantamount to cover up the misdeeds rather than cleaning the system. I wonder why the action against banks has been delegated at a lower level? Is it considered to be a small issue by RBI? I feel such actions must be taken with the approval of RBI Governor and not by a low ranked officers in RBI, as it directly affects India as a nation...................
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