Nobody asked what regulator was doing when banks were going berserk with lending: CAG

While addressing a gathering in the national capital on October 23, Comptroller and Auditor General (CAG) of India Rajiv Mehrishi said, "Speaking of banking crisis. nobody asks what was the regulator doing all these years? If banks were going berserk with their lending, lending to thieves, what was the regulator doing? Were they fulfilling their duties or not? Are they accountable or not"?