 "Swaminathan J, Deputy Governor, Reserve Bank of India")
The recent entry of a Japanese financial giant into India’s banking sector through a significant investment in Yes Bank has been widely welcomed. There are signs that more such overseas investments may follow. It is being rightly celebrated as a sign of strength and resilience of the Indian banking system.
What had probably faded away from public memory, as it typically does, is the spectacular collapse and the painful rescue of the bank, which played out about five years ago. This rescue was unique in how the regulator, government, and public and private banks worked in perfect harmony. It kept
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