<h1>RBI Finds No Deliberate Forex Fraud by Public Banks; Ongoing Investigation into Bank of Baroda Irregularities.</h1> The Reserve Bank of India (RBI) reported that Public Sector Banks have not deliberately engaged in forex frauds, despite possible staff collusion in irregularities at the Bank of Baroda (BOB). BOB reported significant irregularities in foreign exchange remittances, suspected of money laundering, to the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) in 2015. Investigations are ongoing, with a charge sheet filed against involved parties. RBI has issued comprehensive guidelines for handling export/import transactions and implemented the Import Data Processing and Monitoring System (IDPMS) to enhance monitoring. Strict adherence to these guidelines has been mandated for all banks.