Breaking the Break-in of Indian Banks

 

Speakers: Shri M. Damodaran former Chairman, Securities and Exchange Board of India (SEBI); Shri Hardayal Singh, former Chief Commissioner & Ombudsman, Income Tax, Mumbai and Columnist; Shri T.K. Arun, Editor Opinion, The Economic Times; and Dr. Usha Ramanathan, Independent Law Researcher

 

 

 

Discussant: Shri Chaitanya Kalbag, Columnist, writer, former Editor-in-Chief, Hindustan Times  

 

 

 

Moderator: Suhas Borker, Editor, CFTV News

 

 

 

The recent scams in Indian Banks exposed the deep malaise in the country's financial system. Offline LOUs were used for defrauding banks of thousands of crores. Private players used state-owned banks to enrich themselves; when discovered they fled abroad. Going by past experience investigative agencies will take their own time in preparing a legal case. Can this happen without political patronage? Who ultimately pays for this? Is privatisation of PSU banks the answer? What stringent regulatory interventions can be put in place to stop repeat frauds?

 

 

 

(Collaboration: Working Group on Alternative Strategies)