Letter to BS: What remedy will RBI bring to address IL&FS' sorry state?

The Reserve Bank of India needs to see whether it threw up danger signals in time

This refers to “A failure of regulation” (September 26). I agree with what is stated in the editorial. Infrastructure Leasing and Financial Services (IL&FS) and its subsidiaries are undoubtedly in deep financial trouble. The risk of contagion spreading to the banks, Life Insurance Corporation of India, mutual funds and other corporates is real. There is systemic risk involved.

It’s not clear how the sorry state of this financial giant came to light so late. Top executives and board members are calmly walking off citing health grounds or personal reasons. Why shouldn’t their exorbitant salaries and handsome bonuses be clawed back