....As former RBI Governor YV Reddy points out in his recent Per Jacobsson Foundation lecture delivered in Basel, we have to rethink the entire relationship of finance to society. We need stability, limits on financialisation and inclusion. Why is public trust in bankers shaken? Ordinary people feel that they are being made to bear the costs of the follies of bankers. In the very banks at the centre of the crisis, bankers still enjoy outsized pay packages. No banker or bank has been prosecuted for any of the lapses connected with the crisis; instead, regulators have been content to impose penalties without even disclosing the details of the malfeasance.......
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