RBI directs all Banks to conduct thorough internal audit
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The Reserve Bank of India has asked all public and private sector banks to conduct a thorough internal audit and submit a report before their respective audit committees. The summary findings are also to be forwarded to the Reserve Bank.
The move forms part of the RBI’s efforts to check fraudulent foreign exchange transactions. It comes in the wake of irregularities concerning a public sector bank coming to light last year. (PTI)
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