New Delhi, June 4 (TIWN) A top secret Ministry of Corporate Affairs report has launched a salvo across RBI's bows. Fulminating in a a no-holds-barred manner against the central bank, it wants the RBI to conduct an internal investigation for the reasons for the delay in allowing IFIN (IL&FS Financial Services) to flagrantly disregard CAR (capital adequacy ratio) norms.

The MCA report wants RBI to take appropriate action and also initiate suitable policy measures to prevent such fraudulent actions. The sum and substance is that RBI was asleep on the wheel when it should have cracked down on IFIN for non-compliance.

This exigency has arisen because as a furious MCA has pointed out in its Recommendation for Sharing of Report: It is observed that RBI had repeatedly pointed out on the non-compliance with the group exposure norms and wrong calculation of Net owned Funds (NOF) in its Inspection Reports from 2015 onwards. No Penalties were imposed during the period and IFIN was allowed to continue its operations without any corrective action.