But there wasn’t more than one veiled, half-hearted reference to the ICICI Bank fiasco, which the governor dodged skilfully. “Recently, in one of the public forums, you spoke about absence of regulatory powers on PSU banks, how to control them, and how to bring order there. Of late, there have been instances of, reports about lapses at private sector banks as well. So, I would like to know if there are any developments from the regulator’s point of view on these institutions?” one of the senior editors attending the conference asked.

And there was just no mention of the PNB fraud.

The press’s conspicuous reluctance to do its job has evidently left a bad aftertaste.

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