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

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The Trees Minus the Forest-Janakiraman Reports on Banking Scam

The Trees Minus the Forest Janakiraman Reports on Banking Scam THE committee constituted by the Reserve Bank of India (RBI) under the chairmanship of R Janakiraman to enquire into the massive financial scandal in banks and financial institutions has rung the curtain down on its labours after releasing two further reports simultaneously. The fifth report has presented the committee's findings in respect of 10 more banks and financial institutions which had not been covered in the earlier four reports, as also fresh findings in respect of some already covered. Apart from giving an overview of the irregularities, the sixth and final report goes beyond the micro details and presents an assessment of the key elements in the perpetration of the fraud, the nature of the nexus between banks and brokers and amongst banks, an explanation of why the irregularities were not detected earlier, an assessment of what the committee itself had been able to achieve and what it could not and a set of recommendations, some of which had been put forth in the first report but also some fresh ones.

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