The Great Indian Bank Robbery

The Rs 11,400 crore scandal featuring the high-flying diamond dealer Nirav Modi brings out in stark detail the country’s broken banking system. Internal checks and surveillance systems remain too weak to spot abuse of financial authority, while a variety of institutions designed to act as external regulators have been caught napping. It’s time for a wide range of reforms, with no option kept off the agenda, not even the privatisation of banks. Open takes a close look at what’s wrong and what can be done

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