Indian banks to fortify risk management systems

INDIA - The Reserve Bank of India (RBI) has asked the commercial banks in the country not to depend entirely on the certificates issued by the chartered accountants on the financial health of corporate borrowers.

In a recent circular, the central bank has directed banks and financial institutions to monitor and ensure the end-use of the borrowed funds by themselves by strengthening the credit risk management system.

To ensure the end-use of funds, the RBI circular insisted that banks and inst

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