In a liberalised economic environment, it is no longer possible to mandate submission of data or responses to surveys by official fiat or regulatory prescription. Also, with globalisation, it is becoming increasingly difficult to get credible and timely information on cross-border flow of goods, services and capital.
The fact remains that a strong corporate governance culture, with a focus on transparency and accountability, has to percolate from a strong Board which sets the example by leading. 8. Let me also touch upon governance issues in private sector banks (PVBs) which originate from altogether different set of concerns.