The possible reasons could be overlapping jurisdiction on municipal bodies leading to plethora of rules; perceived lack of specialized project management support in ULBs; non-transparent budgeting and accounting systems in many of the ULBs and limited exit route for investors due to lack of secondary market trading. 12.
And in this regard, the enemy all too often comes from within. After all, banks are managed by people. And people make mistakes from time to time; they are often biased when taking decisions under uncertainty and some people have skewed ethics. The result can be bad risk management or even outright misconduct.