RBI introduces new scambusting agency

INDIA - The Reserve Bank of India is setting up an agency to specifically investigate scams in thefinancial sector. An RBI-constituted panel, headed by legal advisor to the central bank NL Mitra, at its last meeting held on 23 June in Mumbai gave the final touches to the concept of the Directorate for Financial Frauds Investigations.

Modelled on the lines of the Serious Frauds Office (SCO) in the UK and the Financial Institutions Crime and Enforcement Network of the US, the directorate will be