Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f14f81ef3d3-trace').style.display = (document.getElementById('cakeErr67f14f81ef3d3-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f14f81ef3d3-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f14f81ef3d3-code').style.display = (document.getElementById('cakeErr67f14f81ef3d3-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f14f81ef3d3-context').style.display = (document.getElementById('cakeErr67f14f81ef3d3-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f14f81ef3d3-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
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<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
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-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry&lt;br /&gt;
&lt;br /&gt;
Mumbai: &lt;/em&gt;Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.&lt;br /&gt;
&lt;br /&gt;
In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &amp;ldquo;RBI&amp;rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).&lt;br /&gt;
&lt;br /&gt;
A finance ministry spokesperson refrained from responding immediately, saying &amp;ldquo;it is not proper to comment at the moment&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &amp;ldquo;ownership neutral&amp;rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &amp;ldquo;emaciation&amp;rdquo; of RBI&amp;rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.&lt;br /&gt;
&lt;br /&gt;
Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.&lt;br /&gt;
&lt;br /&gt;
While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&amp;ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&amp;rdquo; Patel said.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry&lt;br /&gt;&lt;br /&gt;Mumbai: &lt;/em&gt;Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.&lt;br /&gt;&lt;br /&gt;In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &amp;ldquo;RBI&amp;rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&amp;rdquo;&lt;br /&gt;&lt;br /&gt;Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).&lt;br /&gt;&lt;br /&gt;A finance ministry spokesperson refrained from responding immediately, saying &amp;ldquo;it is not proper to comment at the moment&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &amp;ldquo;ownership neutral&amp;rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &amp;ldquo;emaciation&amp;rdquo; of RBI&amp;rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.&lt;br /&gt;&lt;br /&gt;Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.&lt;br /&gt;&lt;br /&gt;While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.&lt;br /&gt;&lt;br /&gt;In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&amp;rdquo; Patel said.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot; title=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
&lt;em&gt;RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry&lt;br /&gt;
&lt;br /&gt;
Mumbai: &lt;/em&gt;Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.&lt;br /&gt;
&lt;br /&gt;
In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &amp;ldquo;RBI&amp;rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).&lt;br /&gt;
&lt;br /&gt;
A finance ministry spokesperson refrained from responding immediately, saying &amp;ldquo;it is not proper to comment at the moment&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &amp;ldquo;ownership neutral&amp;rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &amp;ldquo;emaciation&amp;rdquo; of RBI&amp;rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.&lt;br /&gt;
&lt;br /&gt;
Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.&lt;br /&gt;
&lt;br /&gt;
While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.&lt;br /&gt;
&lt;br /&gt;
In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&amp;rdquo; Patel said.&lt;br /&gt;
&lt;br /&gt;
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-Livemint.com

RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)...&#039;
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RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)..."/>
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                <strong>RBI governor Urjit Patel lists all the (other) reasons for PNB fraud -Malvika Joshi</strong></h1>
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                <div align="justify">-Livemint.com<br /><br /><em>RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry<br /><br />Mumbai: </em>Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.<br /><br />In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &ldquo;RBI&rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&rdquo;<br /><br />Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).<br /><br />A finance ministry spokesperson refrained from responding immediately, saying &ldquo;it is not proper to comment at the moment&rdquo;.<br /><br />Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &ldquo;ownership neutral&rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &ldquo;emaciation&rdquo; of RBI&rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.<br /><br />Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.<br /><br />While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.<br /><br />In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.<br /><br />&ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&rdquo; Patel said.<br /><br />Please <a href="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html" title="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html">click here</a> to read more. <br /></div>               </font>
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&lt;br /&gt;
&lt;em&gt;RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry&lt;br /&gt;
&lt;br /&gt;
Mumbai: &lt;/em&gt;Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.&lt;br /&gt;
&lt;br /&gt;
In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &amp;ldquo;RBI&amp;rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
A finance ministry spokesperson refrained from responding immediately, saying &amp;ldquo;it is not proper to comment at the moment&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &amp;ldquo;ownership neutral&amp;rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &amp;ldquo;emaciation&amp;rdquo; of RBI&amp;rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.&lt;br /&gt;
&lt;br /&gt;
Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
&amp;ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&amp;rdquo; Patel said.&lt;br /&gt;
&lt;br /&gt;
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RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)...&#039;,
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&lt;br /&gt;
&lt;em&gt;RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry&lt;br /&gt;
&lt;br /&gt;
Mumbai: &lt;/em&gt;Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.&lt;br /&gt;
&lt;br /&gt;
In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &amp;ldquo;RBI&amp;rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).&lt;br /&gt;
&lt;br /&gt;
A finance ministry spokesperson refrained from responding immediately, saying &amp;ldquo;it is not proper to comment at the moment&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &amp;ldquo;ownership neutral&amp;rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &amp;ldquo;emaciation&amp;rdquo; of RBI&amp;rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.&lt;br /&gt;
&lt;br /&gt;
Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.&lt;br /&gt;
&lt;br /&gt;
While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&amp;ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&amp;rdquo; Patel said.&lt;br /&gt;
&lt;br /&gt;
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-Livemint.com

RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry&lt;br /&gt;&lt;br /&gt;Mumbai: &lt;/em&gt;Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.&lt;br /&gt;&lt;br /&gt;In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &amp;ldquo;RBI&amp;rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&amp;rdquo;&lt;br /&gt;&lt;br /&gt;Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).&lt;br /&gt;&lt;br /&gt;A finance ministry spokesperson refrained from responding immediately, saying &amp;ldquo;it is not proper to comment at the moment&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &amp;ldquo;ownership neutral&amp;rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &amp;ldquo;emaciation&amp;rdquo; of RBI&amp;rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.&lt;br /&gt;&lt;br /&gt;Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.&lt;br /&gt;&lt;br /&gt;While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.&lt;br /&gt;&lt;br /&gt;In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&amp;rdquo; Patel said.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot; title=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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-Livemint.com

RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)..."/>
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                <strong>RBI governor Urjit Patel lists all the (other) reasons for PNB fraud -Malvika Joshi</strong></h1>
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                <div align="justify">-Livemint.com<br /><br /><em>RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry<br /><br />Mumbai: </em>Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.<br /><br />In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &ldquo;RBI&rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&rdquo;<br /><br />Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).<br /><br />A finance ministry spokesperson refrained from responding immediately, saying &ldquo;it is not proper to comment at the moment&rdquo;.<br /><br />Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &ldquo;ownership neutral&rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &ldquo;emaciation&rdquo; of RBI&rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.<br /><br />Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.<br /><br />While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.<br /><br />In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.<br /><br />&ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&rdquo; Patel said.<br /><br />Please <a href="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html" title="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html">click here</a> to read more. <br /></div>               </font>
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-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry&lt;br /&gt;
&lt;br /&gt;
Mumbai: &lt;/em&gt;Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.&lt;br /&gt;
&lt;br /&gt;
In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &amp;ldquo;RBI&amp;rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
A finance ministry spokesperson refrained from responding immediately, saying &amp;ldquo;it is not proper to comment at the moment&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &amp;ldquo;ownership neutral&amp;rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &amp;ldquo;emaciation&amp;rdquo; of RBI&amp;rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.&lt;br /&gt;
&lt;br /&gt;
Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.&lt;br /&gt;
&lt;br /&gt;
While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.&lt;br /&gt;
&lt;br /&gt;
In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&amp;rdquo; Patel said.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry&lt;br /&gt;&lt;br /&gt;Mumbai: &lt;/em&gt;Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.&lt;br /&gt;&lt;br /&gt;In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &amp;ldquo;RBI&amp;rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&amp;rdquo;&lt;br /&gt;&lt;br /&gt;Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).&lt;br /&gt;&lt;br /&gt;A finance ministry spokesperson refrained from responding immediately, saying &amp;ldquo;it is not proper to comment at the moment&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &amp;ldquo;ownership neutral&amp;rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &amp;ldquo;emaciation&amp;rdquo; of RBI&amp;rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.&lt;br /&gt;&lt;br /&gt;Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.&lt;br /&gt;&lt;br /&gt;While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.&lt;br /&gt;&lt;br /&gt;In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&amp;rdquo; Patel said.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot; title=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry&lt;br /&gt;
&lt;br /&gt;
Mumbai: &lt;/em&gt;Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.&lt;br /&gt;
&lt;br /&gt;
In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &amp;ldquo;RBI&amp;rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&amp;rdquo;&lt;br /&gt;
&lt;br /&gt;
Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).&lt;br /&gt;
&lt;br /&gt;
A finance ministry spokesperson refrained from responding immediately, saying &amp;ldquo;it is not proper to comment at the moment&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &amp;ldquo;ownership neutral&amp;rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &amp;ldquo;emaciation&amp;rdquo; of RBI&amp;rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.&lt;br /&gt;
&lt;br /&gt;
Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.&lt;br /&gt;
&lt;br /&gt;
While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.&lt;br /&gt;
&lt;br /&gt;
In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&amp;rdquo; Patel said.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-Livemint.com

RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;RBI&amp;rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry&lt;br /&gt;&lt;br /&gt;Mumbai: &lt;/em&gt;Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.&lt;br /&gt;&lt;br /&gt;In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &amp;ldquo;RBI&amp;rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&amp;rdquo;&lt;br /&gt;&lt;br /&gt;Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).&lt;br /&gt;&lt;br /&gt;A finance ministry spokesperson refrained from responding immediately, saying &amp;ldquo;it is not proper to comment at the moment&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &amp;ldquo;ownership neutral&amp;rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &amp;ldquo;emaciation&amp;rdquo; of RBI&amp;rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.&lt;br /&gt;&lt;br /&gt;Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.&lt;br /&gt;&lt;br /&gt;While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.&lt;br /&gt;&lt;br /&gt;In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&amp;rdquo; Patel said.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot; title=&quot;http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)..."/>
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                <strong>RBI governor Urjit Patel lists all the (other) reasons for PNB fraud -Malvika Joshi</strong></h1>
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                <div align="justify">-Livemint.com<br /><br /><em>RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry<br /><br />Mumbai: </em>Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.<br /><br />In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &ldquo;RBI&rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&rdquo;<br /><br />Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).<br /><br />A finance ministry spokesperson refrained from responding immediately, saying &ldquo;it is not proper to comment at the moment&rdquo;.<br /><br />Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &ldquo;ownership neutral&rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &ldquo;emaciation&rdquo; of RBI&rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.<br /><br />Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.<br /><br />While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.<br /><br />In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.<br /><br />&ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&rdquo; Patel said.<br /><br />Please <a href="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html" title="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html">click here</a> to read more. <br /></div>               </font>
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-Livemint.com<br />
<br />
<em>RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry<br />
<br />
Mumbai: </em>Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.<br />
<br />
In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &ldquo;RBI&rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&rdquo;<br />
<br />
Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).<br />
<br />
A finance ministry spokesperson refrained from responding immediately, saying &ldquo;it is not proper to comment at the moment&rdquo;.<br />
<br />
Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &ldquo;ownership neutral&rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &ldquo;emaciation&rdquo; of RBI&rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.<br />
<br />
Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.<br />
<br />
While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.<br />
<br />
In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.<br />
<br />
&ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&rdquo; Patel said.<br />
<br />
Please <a href="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html">click here</a> to read more. <br />
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-Livemint.com

RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)...',
	'disp' => '<div align="justify">-Livemint.com<br /><br /><em>RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry<br /><br />Mumbai: </em>Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.<br /><br />In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &ldquo;RBI&rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&rdquo;<br /><br />Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).<br /><br />A finance ministry spokesperson refrained from responding immediately, saying &ldquo;it is not proper to comment at the moment&rdquo;.<br /><br />Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &ldquo;ownership neutral&rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &ldquo;emaciation&rdquo; of RBI&rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.<br /><br />Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.<br /><br />While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.<br /><br />In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.<br /><br />&ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&rdquo; Patel said.<br /><br />Please <a href="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html" title="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html">click here</a> to read more. <br /></div>',
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	'title' => 'RBI governor Urjit Patel lists all the (other) reasons for PNB fraud -Malvika Joshi',
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-Livemint.com<br />
<br />
<em>RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry<br />
<br />
Mumbai: </em>Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.<br />
<br />
In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &ldquo;RBI&rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&rdquo;<br />
<br />
Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).<br />
<br />
A finance ministry spokesperson refrained from responding immediately, saying &ldquo;it is not proper to comment at the moment&rdquo;.<br />
<br />
Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &ldquo;ownership neutral&rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &ldquo;emaciation&rdquo; of RBI&rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.<br />
<br />
Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.<br />
<br />
While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.<br />
<br />
In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.<br />
<br />
&ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&rdquo; Patel said.<br />
<br />
Please <a href="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html">click here</a> to read more. <br />
</div>',
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-Livemint.com

RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry

Mumbai: Reserve Bank of India (RBI)...'
$disp = '<div align="justify">-Livemint.com<br /><br /><em>RBI&rsquo;s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry<br /><br />Mumbai: </em>Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead.<br /><br />In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, &ldquo;RBI&rsquo;s regulatory powers over public sector banks are weaker than those over the private sector banks.&rdquo;<br /><br />Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP).<br /><br />A finance ministry spokesperson refrained from responding immediately, saying &ldquo;it is not proper to comment at the moment&rdquo;.<br /><br />Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers &ldquo;ownership neutral&rdquo;. According to him, the amendments made to the Banking Regulation Act have led to &ldquo;emaciation&rdquo; of RBI&rsquo;s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks.<br /><br />Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks.<br /><br />While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks.<br /><br />In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955.<br /><br />&ldquo;This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,&rdquo; Patel said.<br /><br />Please <a href="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html" title="http://www.livemint.com/Industry/K9aS6epe8DzH8dTB3izfCP/Urjit-Patel-breaks-silence-on-PNB-fraud-says-RBI-has-limit.html">click here</a> to read more. <br /></div>'
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RBI governor Urjit Patel lists all the (other) reasons for PNB fraud -Malvika Joshi

-Livemint.com RBI’s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling bank frauds such as the one at PNB on the finance ministry Mumbai: Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry instead. In a speech laced with melodramatic phrases delivered at the Gujarat National Law University (GNLU) in Gandhinagar, Patel claimed, “RBI’s regulatory powers over public sector banks are weaker than those over the private sector banks.” Effectively, the governor has blamed the diluted regulatory structure for the lapses in oversight and thereby put the ball back in the court of the Union government. In the process, Patel has revived the blame game on the over $2 billion PNB fraud. His remarks have also provided fodder for the opposition to politically target the ruling Bharatiya Janata Party (BJP). A finance ministry spokesperson refrained from responding immediately, saying “it is not proper to comment at the moment”. Patel called on the government to strengthen the Banking Regulation Act, 1949 to ensure that the regulator has enough teeth to adequately regulate PSU banks and to make its regulatory powers “ownership neutral”. According to him, the amendments made to the Banking Regulation Act have led to “emaciation” of RBI’s powers with respect to corporate governance issues at PSU banks, one of the reasons for financial frauds at banks. Patel said that the current legislation does not give sufficient regulatory control to RBI over state-owned banks. While the Banking Regulation Act allows the central bank to regulate all commercial banks in India, Section 51 of the amended Banking Regulation Act does not allow RBI to remove the chairman, directors and management of PSU banks; further, it does not allow the regulator to move ahead either with liquidation of PSU banks or to order forced mergers of state-owned banks. In addition to the Banking Regulation Act, PSU banks are also regulated by the government of India (GoI) under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; the Bank Nationalisation Act, 1980; and the State Bank of India Act, 1955. “This legislative reality has in effect led to a deep fissure in the landscape of banking regulatory terrain: a system of dual regulation, by the finance ministry in addition to RBI,” Patel said. Please click here to read more.