Financial Daily from THE HINDU group of publications
Wednesday, Feb 01, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 01, 2006 |
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Opinion
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Letters Protected disclosure scheme
The RBI has issued guidelines for the protective disclosure scheme for private and foreign banks. This move could prevent IPO scams in banks. The modus operandi being adopted nowadays is to open demat accounts under fictitious names and transferring funds to these accounts. The new measure requires framing of rules under the scheme by the concerned boards of directors of banks within the broad framework which facilitates employees and the public to bring to the notice of the Department of Banking Supervision of RBI, cases of irregularities such as corruption, misuse of office, fraud or failure to comply with the RBI rules. This measure will deter those who venture to flout the banking norms at the cost of the investing public whom it is supposed to serve. T. S. Nagarajan Chennai
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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