.....The committee which had one representative from a PSB (a retired official) and one from the Securities and Exchange Board of India was dominated by financial market participants and specialists. It is, therefore, no wonder that its report oozes with the sentiment of financial market fundamentalism. Surprisingly, there was no representative from the Ministry of Finance, banking trade unions and investor groups. Furthermore, it is intriguing that an RBI committee report can begin with the sentence, “The financial position of public sector banks is fragile, partly masked by regulatory forbearance.” Such a statement from a RBI-appointed committee is extremely irresponsible. Since most of the PSBs are also listed in the stock market, this statement is enough to cause ...............
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