Boldly but carefully

Important to ensure proportionality in bank fraud probes

There is a new and palpable energy to the authorities’ attempts to run down cases of financial fraud that involve India’s banking sector. This is overdue, as it will help restore confidence in the sinews of Indian capitalism — a confidence that has been left sadly threadbare by events over the past few years. Recently, Minister of State for Finance Shiv Pratap Shukla told the Rajya Sabha that the Central Bureau of Investigation, or CBI, has 292 open investigations related to banking fraud, involving 44 banks.This energy results, no doubt, from the fallout of a Rs 130 billion fraud at