Date: August 22, 2025 Animal welfare organizations welcomed the SC’s modified order, stating that it upheld scientific ABC principles of sterilization, vaccination, and release. However, they urged the court to provide clearer definitions for terms like “aggressive dogs,” as ambiguity remained around certain directives—especially regarding feeding zones and enforcement
On Tuesday, the Reserve Bank of India (RBI) issued a stern warning to banks about the misuse of accounts and the evergreening of loan accounts, highlighting concerns about the integrity of financial operations within the sector. During a conference attended by statutory auditors and chief financial officers (CFOs) of commercial banks and financial institutions, RBI Deputy Governor Swaminathan J addressed issues related to fraudulent transactions and high-risk internal accounts.
Swaminathan expressed concern over certain banks having “lakhs of accounts” that seem to serve no legitimate purpose, with some of these accounts being used for fraudulent activities and the manipulation of loan accounts. He emphasized that internal accounts are particularly susceptible to misuse due to their nature and potential for abuse.
In response to these issues, the RBI urged CFOs to focus on investing in advanced technology and data analytics. According to Swaminathan, such investments are crucial for providing accurate, real-time financial insights that support strategic decision-making and enable swift responses to any discrepancies or issues identified during audits or supervisory reviews.
Swaminathan recommended that CFOs streamline their internal account systems by reducing them to an essential minimum and improving control through regular reconciliation and reporting to the Audit Committee of the Board (ACB). He stressed the importance of maintaining transparent communication with the MD & CEO and other top management, and urged CFOs to keep open channels of escalation to the ACB when necessary.
Furthermore, Swaminathan underscored the importance of transparency in financial reporting. He called for CFOs to engage in honest communication with auditors and bank supervisors, avoiding any attempts to conceal or withhold information. Transparency, he argued, not only facilitates a smoother audit process but also reinforces the bank’s commitment to integrity and regulatory compliance, thereby contributing to the institution's financial stability and reputation.
Swaminathan also advised CFOs to conduct thorough root cause analyses of any deficiencies observed during audits or supervisory reviews. Rather than opting for short-term fixes, understanding and addressing the underlying causes of issues is essential for sustaining compliance and preventing the recurrence of problems. This approach strengthens the overall governance and control environment within banks, ensuring long-term adherence to regulatory standards and enhancing institutional integrity.