Sharad Pawar’s decision to visit ED without being summoned, its refusal to meet him is a political charade. News of inquiry against Pawar before Maharashtra election raises suspicion that ED is doing bidding of its political masters. Modi government must ensure its corruption crackdown is seen to be above politics.
PMC bank crisis another example of lax regulation. RBI must ensure tight supervision
The Punjab and Maharashtra Cooperative Bank crisis is a fresh indictment of India’s lax regulatory oversight of smaller banks. Apart from tight supervision, the RBI must also ensure that the mostly poor customers of such banks, predominantly people without regular incomes, have easy and quick access to their hard-earned savings.