Collusion and nepotism have allowed big businesses to rip off India's banking system under Modi govt's watch

Business is rarely risk free. So are bank loans. There is nothing unusual about non-performing loans or assets. They exist in every economy. But when business promoters collude with bank management to manipulate loans in their personal favour, they become a matter of serious concern. And this seems to have become a growing trend in India. The latest report on the promoters of a Gujarat-based ship construction firm, ABG Shipyard, allegedly defrauding a consortium of 28 banks and financial institutions to the tune of Rs.22,842 crore, should be a cause of worry as the forensic audit by Ernst and Young…