Mishandling Rs 114-bn fraud: Letter to BS on PNB's letter to Nirav Modi

This refers to PNB’s letter to Nirav Modi asking him to submit concrete plan to pay dues. This late reaction surprises me after a crackdown by the Enforcement Directorate (ED) and the income tax departments on the firm. The letter raises questions about the actual intention of the Punjab National Bank (PNB) management to recover the dues after a massive scam has already taken place. The response of the government is equally disappointing considering the mistrust among the people regarding public sector banks. Moreover, the role of the Reserve Bank of India (RBI) as a regulator is disappointing too. We