RBI's
"clarification" that depositors should not
succumb to rumours of impending bank failures is overly
optimistic, suggesting that the PMCB crisis is an
outlier. In fact, the current precarious situation
has deeper roots in the neoliberal transformation
of public banking since the 1990s, creating an environment
that breeds delinquency and fraud.
*
This
article was originally published in the asiavillenews
on October 16,
2019.
