My View on "RBI’s early warning signal suggests Rs 66,000 cr N...":
While the RBI is putting in place systems to bring in some sense of sanity in banking in India, the reality seems to be otherwise. Recently, if newspaper report is to be believed, that a team of CBI officials went to SBI to enquire about King Fisher Airlines NPAs etc. The team returned without any bit of information as SBI reportedly refused to share any information with the CBI. There is no clarificatory response from SBI about this press news. Why should SBI protect a known defaulter and has not classified it as a wilful defaulter? Why should there be such a long pause before every small action taken by banks against KFA? To see Mr Vijay Mallaya enjoying the IPL matches everyday in the cricket stadium while 1000s of KFA employees have not received their salaries and the SBI not prepared to take severe action against the company is something every sensible citizen in the country is entitled to know. Another case in point is the Sahara case. While SEBI claims that 20000+ letters to the investors returned undelivered as addresses were incorrect, RBI is silent without taking any action on the failure of KYC by Sahara group financial companies. Earlier RBI take action in these cases better for the banking system and the public at large.
- Dr.Santhanam
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