The Reserve Bank of India has said that the delay in punishing those guilty of financial frauds is the major weakness of the domestic financial sector.
Deposing before the joint parliamentary committee on stock scam, the apex bank governor Bimal Jalan said while the current guidelines to regulate the banks and financial institutions were adequate, there had to be more stress on their implementation and ensuring that those found guilty were quickly brought to justice.
JPC chairman SPM Tripathi told reporters that absence of deterrence for the wrongdoers was something that the committee would also be working on. He said the committee
