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RBI to set up separate Enforcement department

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RBI will set up a separate enforcement department to oversee possible breaches of rules and take punitive actions against those who violate them.

This was stated by Minister of State for Finance Santosh Gangwar in a written reply in the Lok Sabha yesterday. He said, the department will develop a broad policy for enforcement and initiate action against the regulated entities for violation consistent with such policy.

He said, the department, proposed to be opened on Monday, will serve as a centralised wing to deal with banks only for enforcement action.

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