January 5 2015
Bowing down to pressure, the Reserve Bank of India has agreed to share relevant extracts of its banks’ inspection reports with a central economic intelligence wing to help it check money laundering and violations of other banking laws. The central bank is expected to soon sign a Memorandum of Understanding with the Central Economic Intelligence Bureau (CEIB), an apex intelligence agency under the Finance Ministry, in this regard, official sources said.
RBI had objected to sharing the reports with CEIB on the ground that the latter was not a statutory body. The central bank, however, was sharing these reports with Intelligence Bureau (IB), which is also not a statutory body, they said.