No banking regulator can prevent all frauds: RBI Governor
In the wake of the PNB fraud, RBI Governor Urjit Patel has said no banking regulator can catch or prevent all frauds. It's infeasible for a regulator to be in "every nook and corner" of banking activity to eliminate frauds by "being there", he added. He also said RBI's powers over state-run banks are weaker than those over private banks.