Bank CMDs & EDs Encourage Flouting of KYC Norms - RBI Sleeps

.........Who will bear the cost of such penalties. It is the poor public i.e. shareholders of these banks, as payment of such penalties will reduce profits and / or dividends.  It is not going out of pockets of any CMD or Board Directors.  In any other part of the world, strict action would have been taken against top brass too and Bank Boards would have been made accountable for such lapses. Basel too has such provisions for holding Board responsible for risk management. This episode has already dented the reputation of these banks. Can RBI spell who should be accountable if there is increased risk of reputation due to acts and omissions of bank officers at such a large scale?.............

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