Punish the guilty, don't crack down

RBI should identify culprits misusing this well-intentioned facility and make an example of them as credible deterrence. There have been instances in the past when regulators intending to punish erring corporates, and to prevent the occurrence and recurrence of malfeasance, have tweaked rules, making life difficult even for law-abiding businesses. This is unfair. Now is the time for RBI to show that it's indeed mindful of the needs of Indian companies to go global, but at the same time, non-negotiable to errant businesses using that very excuse to peddle their malpractice.