Published:  12:50 AM, 11 October 2019

India considers stricter laws to curb frauds

India considers stricter laws to curb frauds India's Finance Minister Nirmala Sitharaman and the Reserve Bank of India (RBI) Governor Shaktikanta Das arrive to attend the RBI's central board meeting in New Delhi, India July 8, this year. -Reuters

The India government is considering amending laws to curb malpractices at co-operative banks in Asia's third-largest economy, following allegations of fraud in Punjab and Maharashtra Co-operative Bank (PMC), Finance Minister Nirmala Sitharaman said on Thursday.

The government has asked its economic affairs and banking division to study the activities of multi-state cooperative banks such as the PMC, Sitharaman said.

She also plans to meet the Reserve Bank of India (RBI) Governor Shaktikanta Das later in the day to discuss a faster resolution plan for the PMC.

---Reuters, Mumbai

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