End of a long rope

There's need for an insolvency framework for financial sector

The Reserve Bank of India (RBI) finally stepped in last week and decided to use the powers granted it under Section 45 of the Banking Regulation Act to deal with the YES Bank crisis. It has, for a month, superseded the board of the bank and imposed several other restrictions on its operations. Customers will not be able to withdraw more than Rs 50,000 and it cannot take on any new liabilities. There are two questions that should be asked in any such case and particularly in this case. The first is: Was there a delay in acknowledging the seriousness