Kolkata: The Reserve Bank of India (RBI) is now working on a comprehensive policy for more effectively monitoring the activities of state cooperative banks in the country, especially in the wake of the involvement of some cooperative banks in the gilts scam.
RBI governor Dr Bimal Jalan told newspersons here that the need for a transparent monitoring system has already been spelt out in the recently announced credit policy itself.
At the macro level, he said, such scams, which were nothing but frauds, will be dealt with separately in close coordination with state governments. "These scams will have no impact as such on the bond markets as a whole. These are nothing but sheer frauds, where rules have been blatantly violated."