Expediency & cronyism win. Again

In quick succession the "harsh" PCA framework was suspended, MSMEs got a relief package and there are plans to transfer a huge amount of money from the RBI's reserves for some pre-election scheme

Debashis Basu

Ever wondered how it would be to witness retrograde policies being implemented right in front of our eyes by netas and babus? Recent events in the financial sector offer exactly such a picture. Policy decisions over the past two months have allowed the government to preserve the status quo at public sector banks (PSBs), whose bad loans have repeatedly sunk humungous amounts of taxpayers’ money, and also allowed crony capitalists to become very wealthy. The story began sometime in 2017, but action picked up in the third quarter of 2018 as the cold war between the Reserve Bank of ...