The Supreme Court is the latest entrant into the banking crisis, with a demand for names of defaulters. This is suo moto action by the Supreme Court, prompted by the public outrage about the costs to the public imposed by the Indian banking system. But solutions to India’s banking crisis lie in legislative and executive action. It is the government, which strategises financial sector policy and owns public sector banks, and the Reserve Bank of India (RBI), which oversees banks in great detail, who should be held accountable for the banking crisis and must find solutions to it.
The Supreme Court order for defaulter disclosure appears to be a case of overreach. The original dispute made no demand for defau…
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