....The DCA having done it’s bit and ‘compounded’ or regularised the illegality, RBI decided to play the perfect babu—it didn’t proceed on the benami share angle or the siphoning off funds and allowed Tayal to take over the Bank of Rajasthan since there was no pending investigation/charge against him. A decision it must have rued later since, over the years, it appointed an additional director on the bank’s board, a CEO, and even ordered a special audit of the bank’s books, after which the bank got merged. Though RBI did the wise thing by containing whatever problem the audit report revealed—RBI never made the report public—in order to avoid any sort of panic in the banking sector, Tayal managed to walk away with 1 ICICI Bank share for every 4.72 shares he held in the Bank of Rajasthan, directly or indirectly......
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