RBI will set up a separate enforcement department to oversee possible breaches of rules and take punitive actions against those who violate them.
This was stated by Minister of State for Finance Santosh Gangwar in a written reply in the Lok Sabha yesterday. He said, the department will develop a broad policy for enforcement and initiate action against the regulated entities for violation consistent with such policy.
He said, the department, proposed to be opened on Monday, will serve as a centralised wing to deal with banks only for enforcement action.