New Delhi, Feb 21: The Reserve Bank of India (RBI) on Tuesday set up a five-member panel to look into the reasons for frauds and suggest steps to prevent such occurrences even as the CBI arrested five senior executives in connection with the Rs 11,400 crore Punjab National bank scam.
The panel would be headed by the former member bank’s Central Board of Directors Mr Y H Malegam.
Other members would include– Bharat Doshi, Member, Central Board of Directors, RBI; Mr S Raman, former Chairman and Managing Director, Canara Bank; and Mr Nandkumar Saravade, Chief Executive Officer, Reserve Bank Information Technology Pvt Ltd (ReBIT).
RBI Executive Director Mr A K Misra will be the Member-Secretary of the committee.
The panel will also look into RBI’s supervisory assessment and the steps needed to prevent such occurrences.
