Then there were two major experiments which changed the entire scenario resulting in the development of radically different theories to explain the phenomena. Similar things have happened in the financial world – may not be of similar magnitude – that have shaken the intellectual foundations and left us groping for answers to new questions.
The final NPA audit report, which contained the strengthened recommendations, was provided to the NPA Board on 8 June 2007. On that day, Mr Battellino sent to the Reserve Bank Audit Committee a copy of the audit report, as well as a copy of a file note of the meeting with the NPA Chairman the prior day.