...........Notwithstanding the explicit sovereign guarantee to the domestic banking industry that “it is too big to fail’ when the chips are down, the fact remains that the rating agency has sounded the bugle of caution to the authorities in general and to the banking industry in particular, that a business-as-usual approach will not do. That is also the reason why the apex bank has said in its annual banking document that “distress dependencies among banks have risen, warranting closer monitoring”. How far the RBI cracks the whip to ensure sound financial practices in the coming days will be watched and welcomed.
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