Letter to BS: The RBI has failed miserably in acting as a 'watchdog'

My concern pertains to the regulator - the Reserve Bank of India. It was unable to detect any wrongdoing at PMC Bank

This refers to the letter “Lack of Accountability” by Shanmugham M (October 11). I think that the author of the letter has trained his guns on the wrong entity. An auditor can only 'audit' the information/facts and figures are placed before him. In the PMC Bank scam, accounts related to the loans made to HDIL were hidden, by virtue of a few 100 dummy accounts created specifically to fool the auditors. My concern pertains to the regulator — the Reserve Bank of India (RBI). There is something intrinsically amiss, if despite the monthly, yearly statutory statements and the balance sheet