Poor internal controls were reflective of low levels of computerisation and reliance on manual processing. Consequences resulted when a settlement failure triggered panic and the irregularities surfaced in the open. RBI had to undertake a series of investigations to unravel the irregular  2  BIS Review 129/2009  transactions and fix responsibility.
Importantly, consumer spending has gained steam this year after slowing late last year. Consumer spending is being supported by robust growth in households' real disposable income amid strong employment growth. Strong household balance sheets have also supported spending, although lower-income consumers appear to have mostly exhausted their excess savings.