THE GREAT BANK ROBBERY

‘There exist books on specific
scams. Harshad Mehta being a case in point. But I can’t readily think
of books that straddle a variety of scams. On that count alone, V. Pattabhi
Ram and Sabyasachee
Dash have produced a remarkable book, so that citizen angst and government
countervailing action
is better informed.’
—Bibek Debroy,
Economist and Chairman of the Economic Advisory Council to the Prime
Minister of India

On 24 December 2036, the price of a blue-chip stock, the National Bank of
Hindustan, crashes after
a leak of the forensic auditors’ report. This triggers a series of
conversations between Lobin Stephen
Senior, one of the senior-most bankers in the country, with his two
great-grandchildren.
In an easy conversational style, The Great Bank Robbery: NPAs,
Scams, and the Future of Regulation captures the basic functioning
of commercial and public sector banks. Vast amounts of public money have
vanished from banks over the last few decades, with no remedial measure
having been effectively put in place. The victim invariably ends up being the
lay Indian citizen.

The book discusses 11 scams that have rocked the nation since Independence.
Without sensationalizing the dramatic content, the book examines how the
frauds took place: the strategies used by the scamsters, the regulation
loopholes they used, and the lasting consequences thereof. It also discusses
the role of prime stakeholders in the banking and finance sectors, such as
auditors, company boards, the regulator and rating agencies.

A simple but not simplified primer into the world of banking and finance,
this book is an engaging
and timely discussion directed at the Indian citizen.