The Reserve Bank of India has said that the Indian Chief Executive Officers of all foreign banks functioning in the country would be held responsible for non compliance of any regulatory and statutory banking norms. In a notification in Mumbai, the RBI said the CEOs will be answerable for the audit process, review of inspection reports and their compliance. The notification comes amid reports of fraud in branches of leading foreign banks. 34 foreign banks including global leaders like HSBC and Deutsche Bank are operating in India.