The number of known victims of the six companies involved in the financial scams, who lodged complaints at the Bank reached 2,290 and the total defrauded amount stood at Rs835 million by 28 June 2013. The figure is rapidly nearing the Rs1 billion mark.
We undertook a series of actions to deal with the problem; most notably we sought the assistance of the Reserve Bank of India (RBI), which has first-hand knowledge of the matter. The RBI team’s recommendations range from the reinforcement of Know Your Customer procedures and due diligence in banks, the setting up of dedicated cells to gather market intelligence, to enhanced coordination among regulators.