Mumbai, April 9 -- The Reserve Bank of India (RBI) will deal appropriately with those accountable if it finds there were lapses leading to what it calls "episodes" in the financial services sector, deputy governor Swaminathan J. said on Wednesday.

His statement had the disclaimer that he was not referring to any particular episode. But broadly, it came in response to a series of questions on recent crises in the financial system, including the derivative debacle at private lender IndusInd Bank and the alleged fraud at New India Co-operative Bank.

"We never waste a good crisis and there will be learnings," said Swaminathan, who heads the regulator's department of supervision. "It is our intention to minimize and ensure that the customers...