There are four trends in particular that I would highlight in this regard: high inflation in the 1970s and 1980s; large and rising fiscal deficits from the mid-1970s to the mid-1990s; a slowdown in productivity growth; and a decline in the prices of primary commodities.
When the matter was brought to the notice of the bank, they conceded that with reasonable risk mitigation measures, the transactions could have been identified and remedial action initiated. In this regard, we at RBI also noticed that a bank overseas was offering prepaid cards which could be delivered in India by courier.