Pandemonium: The Great Indian Banking Tragedy

‘The Reserve Bank of India would like to assure the General public that Indian Banking system is safe and stable. ’ – RBI Statement, 1 October 2019 Why did India’s central Bank have to issue an unprecedented statement to that effect? In Pandemonium: The Great Indian Banking Tragedy, bestselling author Tamal Bandyopadhyay takes you in search for the answer. It is a definitive insider story on the rot in India’s banking system – how many promoters easily swapped equity with debt as bank managements looked the other way to protect their balance sheets, until the RBI began waging a war against ballooning bad loans. The same troubles quickly spilled over to India’s mushrooming non-banking financial companies, which were quick to spot the post-demonetisation easy liquidity and banks’ reluctance to lend, prompting them to make the cardinal sin of borrowing short to lend long.