.......There is enough smoke to signal that banks need to rethink what they do with their depositors’ trust. Unfortunately, the banking regulator has taken a see-no-evil approach. I met a now-retired Reserve Bank of India (RBI) Deputy Governor last week and it seems that the RBI view remains the same: not our problem. It is a cynical short-term view and it should be no surprise to the government that households’ financial assets have fallen and the share of real estate and gold has gone up. Senior bankers themselves have a solution they give offline: slap large punitive penalties on banks found mis-selling, make the top management responsible for mis-selling and introduce clawback of bonuses.......
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