Letter to BS: Intriguing how despite checks YES Bank could lend recklessly

The piece by Tamal Ban­dyo­pa­dhyay, “Yes Bank rescue: In­dia’s TARP moment?” (March 9) might bring peace to many stakeholders but not the AT-I bondholders. But the intriguing part is this: The board and top management of the bank were allowed to lend recklessly, demeaning asset quality and putting the bank to a great risk, despite a host of regulatory no­rms and internal loan policies. The epicentre of revival will be the effectiveness of the action plan of the new management to recover loans, a difficult task given the debt resolution ecosystem and likely litigations.
 
The rescue package should be