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Highlighting efforts being taken to prevent bank frauds, Finance Minister Nirmala Sitharaman has said that the Reserve Bank of India (RBI)is taking measures to strengthen its regulatory and supervisory capacity, and expressed hope that these steps will ensure no regulatory mishaps take place in the future.

Sitharaman said ''We have been engaging with the RBI to ensure that the regulatory functions and supervisory function of the RBI are strengthened. I am assured by the RBI Governor that internally an institutional mechanism is being further strengthened.''

Besides, the finance minister said the capacity of the RBI's regulatory and supervisory staff is being strengthened with specially tailored courses. Responding to another query addressing gaps in bank guarantees, the minister said this aspect will be looked into as the RBI is engaging with the ministry on this matter also.