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RBI draws lessons from scam report

Mumbai, Jan. 17: The Reserve Bank of India (RBI) today made public the action-taken report on the findings of the Joint Parliamentary Committee (JPC). The report says boards of banks should modify their approach to internal controls so that they have a strong say in the maintenance and improvement of internal control systems.

“Discussions between managements and boards on quality of internal control systems should be institutionalised,” the central bank said. The boards of banks should specifically pay attention to creating and sustaining a culture of control in banks.

“More awareness needs to be promoted among managers on security, risk and controls in computerised environment.”

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