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RBI seeks info from banks in loans probe
Published on 28 Dec. 2010 12:04 AM IST
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The Reserve Bank of India (RBI) has asked lenders to provide details of their exposure to companies named by investigators in a bribes-for-loans investigation, the Economic Times newspaper reported on Monday.
Last month, Central Bureau of Investigation arrested eight financial company executives as part of the probe.
According to Reuters, the Reserve Bank of India has written to all banks seeking details of their lending to companies named by the CBI in the investigation, the newspaper said, without naming its sources.
"The RBI is trying to assess the extent of exposure, the quality of these assets, and whether banks followed norms while lending to these firms," an unnamed finance ministry official was quoted by the newspaper as saying.
A RBI spokeswoman declined to comment.
Last month, India's finance minister asked all banks, financial institutions and insurance firms to look into their exposures to firms named by federal investigators in the investigation.

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