Finance Minister Nirmala Sitaram RBI strengthening institutional mechanism prevent bank frauds

Finance Minister Nirmala Sitharaman said today that the Reserve Bank of India is taking measures to strengthen its regulatory and supervisory capacity and these steps will ensure no bank frauds will be done in the Future.

The Government has taken additional steps to strengthen the regulatory regime if banks have to thrive and people to be protected given the recent major banking frauds in India.

The finance minister said the capacity of the RBI’s regulatory and supervisory staff is being strengthened with specially tailored courses. I hope this will make a difference in order that no further regulatory mishaps happen.

Union Cabinet has cleared the setting up of a Development Finance Institution DFI for financing long-term infrastructure and development projects of the country, said Finance Minister Nirmala Seetharaman in a press briefing in Lok Sabha.

During Budget 2021, it was mentioned that a national bank will be set up to fund infrastructure and development activities. She said capital infusion will of about Rs 20,000 crore this year, the initial grant will be Rs 5,000, additional increments of the grant will be within the limit of Rs. 5,000 crore.

The government plans to give the institution certain securities because of which the cost of funds will also come down.

All story adopt from economic times financial. Source