A day after Reserve Bank of India governor Urjit Patel sought to shift the blame for the Punjab National Bank fraud on the government, officials said on Thursday that the regulator had enough powers to act against errant lenders. The statement, which is expected to set off a fresh verbal duel between North Block, which houses the finance ministry, and Mint Road, where RBI is headquartered, came after Patel pointed to the “blame game” after the fraud and suggested that RBI did not have enough powers to regulate public sector banks.
A day after Reserve Bank of India governor Urjit Patel sought to shift the blame for the Punjab National Bank fraud on the government, officials said on Thursday that the regulator had enough powers to act against errant lenders. The statement, which is expected to set off a fresh verbal duel between North Block, which houses the finance ministry, and Mint Road, where RBI is headquartered, came after Patel pointed to the “blame game” after the fraud and suggested that RBI did not have enough powers to regulate public sector banks.
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