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Breach of rules deserves jail sentence: Jalan

Reserve Bank of India Governor Bimal Jalan on Monday said that those who violated regulations in the recently detected nexus between cooperative banks and government securities brokers should 'go to jail'.

Jalan said, "All of us are interested in building a market for government securities and it was for this that more players are allowed in the gilts market.''

"What can we do if there are violations of rules framed by RBI and other regulators for orderly development of the market?" he asked.

"Post-factor, the violators should go to jail," Jalan said at a press conference after unveiling RBI's Monetary and Credit Policy for 2002-03.

UNI

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