He also said that if not pursued quickly, such frauds create an atmosphere of impurity which then breeds more such practices.
"We have created a whole new system for fraud alerts, fraud awareness amongst the banks. My hope is, going forward, we will pursue these frauds to the ultimate conclusion so that those who commit frauds do in fact pay the price for committing them.
"Otherwise if they are not pursued quickly and pursued to their logical conclusion, it creates an atmosphere of impurity, which then breeds more such practices," Rajan told reporters.

Rajan said that it was very important that a message is sent that if there is deliberate laxity, deliberate violation of rules in order to give private gains to certain parties, they should be pursued both by the regulator and the law enforcement agencies.
"We have put up certain structures which will help them go forward," he added.



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