(My Original Blog Post: http://www.onlineequitycalls.com/2008/12/india-banks-rbi-directive-destroys-transparency/)
Lee's Dhaba for more
As I have said in two earlier posts:
the RBI acquisience to industry demands for accounting gimmicks has made valuation of Banks an impossible short term task. Realty problems have been swept under the rug...So, I am rescinding my earlier view that Banks in India are offering good value.
It may be the case that Banks offer value, but the RBI move smells...in a market fraught with danger and zero profit visibility I hoped we would be upfront with the problems.