PSBs get money while RBI, MoF get away. Again

Even as hundreds of billion rupees of public money are being pumped into the same corrupt and inefficient system to keep it alive, 25% of the people in this country live in abject poverty

The new Chief Economic Advisor (CEA) Krishnamurthy Subramanian said a few days ago that it is important to implement the P J Nayak committee’s recommendations on governance reforms in public sector banks (PSBs). Until these reforms were institutionalised, the risk in the sector would persist, he said. He was being polite. The current Bharatiya Janata Party (BJP)-led government had promised high quality of governance and accountability. After five years of its rule, we can now, emphatically say, that no accountability has been fixed for either past or future misdeeds of bank chairmen, the banking supervision division of the Reserve Bank