RBI also feels anger, hurt, pain on banking frauds: Governor
RBI Governor Urjit Patel has said the central bank also feels "anger, hurt and pain" on banking frauds and irregularities. Talking about the PNB fraud, he said internal process at PNB failed despite RBI's instructions. He further said the regulator has "very limited authority" over state-run banks and cannot remove directors or replace the non-performing senior management of such banks.