CAG punches holes in recapitalisation of PSBs

CAG punches holes in recapitalisation of PSBs: Raises doubts on banks being able to raise ₹1.10 lakh crore from market by 2019...

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The narrative gives enough ammunition for a heated debate in parliament before which the CAG report has been placed. But, in the absence of any
evidence to show that there was coordination or adequate interaction among the three agencies, namely CAG, RBI and GOI (concerned Ministry) before finalizing the audit comments, even the parliamentary debate will get diverted from the main issues. Perhaps, CAG too is slipping back into the old ‘post mortem’ days from the ‘Performance’ and ‘Concurrent’ audit concepts evolved during the last decade.
M G Warrier, Mumbai
WB: 3004

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