This leads me to an important aspect of the fight against financial crime, the need for the collaboration of all. Cooperation Financial crime causes real harm to society, from the retired consumer losing his life savings, to the financial institution losing hundreds of millions of rupees and reaching as far as financing terrorist activities. It just cannot be the job of only one body.
An Expert Group is being set up by the RBI to examine the adherence to the recommendations in regard to Government securities market in important areas such as legal risk, pre-settlement risk and settlement risk. Efficient payment system is also very critical to meet the new challenges.