Bankers Trust:

Just two things can fix public sector banks’ problems

Just two things can fix public sector banks’ problems

Sometime in late 2017, billionaire diamantaire Nirav Modi walked into the office of the chief executive officer (CEO) and managing director of a large Indian private bank in Mumbai with two of the bank’s directors in tow. The meeting did not last long. No, Modi—who has drilled a big hole in the balance sheet of India’s second largest government-owned bank, Punjab National Bank—was not looking for fresh funds for any of his companies.

Bankers Trust:

How to break the banker-promoter nexus

How to break the banker-promoter nexus

You must have seen the popular TV advertisement campaign for a men’s deodorant brand where different sets of people casually ask each other, “kya chal raha hai?” (‘what’s going on?’). The reply, always, is: “Fogg chal raha hai” (Fogg is very popular these days, referring to the brand). Newspaper headlines and prime time TV discussions over the past fortnight may encourage us to rephrase this: “kya chal raha hai?” “Fraud chal raha hai.