RBI must repeal notification allowing banks to undertake compromise settlement of wilful defaults: Congress

The Congress party has criticized the Reserve Bank of India’s (RBI) decision to allow banks to make a compromise settlement on fraud accounts and wilful defaults. Congress General Secretary Jairam Ramesh has demanded that the RBI immediately repeals its instructions, stating that the new rules mean wilful defaulters who have run away with public money are receiving a “clean chit”. The Congress party has claimed that banking frauds have risen 17-fold under the current Modi government.