'RBI to be Neelakantha': Urjit on Nirav Modi PNB fraud; top 10 developments

RBI chief Patel's comments came against the backdrop of Punjab National Bank being defrauded of around Rs 135.4-billion, allegedly by billionaire jeweller Nirav Modi and his uncle Mehul Choksi

Breaking his silence over the Rs 135.4-billion (Rs 13,540-crore) Nirav Modi scam at Punjab National Bank (PNB) and expressing deep anguish over the recent spate of banking frauds, Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday said the central bank, like the 'Neelakantha', would consume poison and face brickbats, but it would persist in its endeavour to become better with each trial. Further, calling for reforms to give the regulator the same powers to police state-run banks as it has over private lenders, the RBI chief said that the central bank had "very limited authority" over state-run banks.