The Reserve Bank of India (RBI) has moved to hold senior banking officials directly accountable for violations of supervision lapses under their nose that lead to money laundering and other wrongdoings, Hindustan Times reported.

In a move reminiscent of the corporate laws put in place after the Enron scandal in the US, the RBI is likely to review the “fit and proper” criteria and banks will now be mandated to formally declare that its senior officers have done the due diligence required in dealing with shady customers.

A final decision on the issue, however, would be taken after due deliberations, said sources.

Read the full report here