ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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THE ECONOMY-Few Insights

payments were made to brokers and not to the seller banks. This was approximately one year back. But we don't know to what extent the matter was pursued in order to find out the modus operandi of the issue of BRs and whether Bank of Karad was an isolated case, though the strong suspicion is that the practice was already quite widespread and that major banks, including various foreign banks, were resorting to it on a regular basis. All that seems to have happened subsequently is that resort to this practice expanded at an exponential rate in the past 12 months, since the installation of the present government at the centre.

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