.........The RBI has been accused of leniency towards banks and officials perpetrating irregularities. Its response to the recent Cobra Post expose, showing commercial bankers aiding in money laundering, should have been harsher. By penalising three banks a pittance -- between Rs1 crore and Rs5 crore -- and not demanding the heads of senior officials, the RBI has cut a sorry figure. With new players, who bring along the risk of conflict of interest, the RBI must show willingness to flex and use its regulatory muscle.
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