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SFIO recommends RBI to probe its NBFC department

May 31, 2019 18:37 IST

The Serious Fraud Investigation Agency has suggested the Reserve Bank of India conduct a probe of officials in its department of non-banking finance companies. According to a report by The Indian Express, this comes as the officials failed to take adequate steps against IFIN despite an RBI report, dating back to 2014, found discrepancies in its books. Further, the report added that the recommendation followed after former managing director and CEO Ramesh Bawa responded to the corporate fraud investigating agency that the central bank had given a clean chit to the IL&FS every year and did not raise an alarm over alleged financial fraud.

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