India’s banking system is imploding—and those responsible are busy bickering

The banking regulator’s month-long silence following the country’s biggest bank fraud was chilling. But the March 14 speech of Urjit Patel, the governor of the Reserve Bank of India (RBI), was even more eerie than his silence.

Expressing his helplessness against the likes of jewellers Nirav Modi and Mehul Choksi, who allegedly defrauded the state-run Punjab National Bank (PNB) of over $2 billion, Patel not only passed the buck to the government, but also listed out over a dozen things...

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