The Reserve Bank of India on Wednesday issued a notification stating that the Indian Chief Executive Officers of all foreign banks functioning in the country would be held responsible for incompliance of any regulatory and statutory banking norms. The notification also states that the CEO will be answerable for the audit process, review of the inspection reports and their compliance. The notification comes amid reports of fraud in branches of leading foreign lenders like Citibank and Standard Chartered Bank. As many as 34 foreign banks including global leaders like HSBC and Deutsche Bank are operational in India. Following this notification which has been communicated to all foreign banks, their CEOs will now be responsible for compliance with all the RBI norms.