Today I read in Times of India that police has arrested four employees of the recovery agency, Elite Financial Services.
The Supreme Court direction in such cases is very clear. The agencies appointed by the banks and other financial institutions are the direct responsibility of these banks and financial institutions. They can not escape the actions of their agents and associates.
I thus urge the police and powers that be that Mr. Kamath, CEO of ICICI Bank be arrested and put behind bars as an exemplary punishment. This will serve as an eyeopener for all the banks that are operating within the country and their executives who sit in air-conditioned office and are responsible for the reprehensible activities of their agents and associates.
One top person being sent to jail will wake up everyone down the line. But I think this is again going to be wishful thinking.
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I see another ugly but powerful face of money in this incident. This story has appeared in TOI and HT, but none of the relatively newer names - ibn, or ndtv have reported this incident in their website. The reason is not tough to guess - these new media players have some big financial relation with ICICI and under this obligation, they have put the news under carpet.
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