Banks Board should be made accountable

How these sorts of violations have not been detected by the banks concurrent auditors, internal inspection machinery and statutory auditors? need an explanation from the top management. It is humanly impossible for RBI to scrutinise each and every individual transaction in banks. Further RBI has introduced sufficient checks and balances to ensure that the banks do conduct transactions as per the prudential guidelines and it is for individual banks managements to ensure   that they  do not violate any of the RBI guidelines and conduct business which is not in the interest of the economy. The greed is the force behind these banks and aggressiveness in marketing of the banks subsidiary companies' products make them to ignore the prudence and violate the directives.The findings of RBI indicate that banks do not have any corporate Governance system in vogue and the boards do not care to adhere to the minimum ethics expected of them in carrying out operations. Unless and until the banks particularly the new generation banks are disciplined, the banking system can take the RBI and the Govt for a ride and the economy will get into serious problems.  Dr.T.V .Gopalakrishnan (Mumbai)  (this comment is published in TOI dated 14/5/13 in response to a write up Banks suppressing alerts on suspect dealings :RBI probe)