These have highlighted the phenomenon of what is described as “contagion”, which implies the risk of a country being affected by the developments totally outside of its policy ambit, though domestic policy may, to some extent, influence the degree of its vulnerability to the contagion.
Of late, we have received numerous complaints not only from customers but also from the investigative agencies who find it extremely difficult to understand the transactions during the course of their investigations. RBI is in the process of reiterating its guidelines to banks to provide essential minimum relevant details in respect of various transactions in the passbook/statement.