Failure of Yes Bank shows rot in India's financial sector

India's banking and finance sector's troubles do not seem to end. In November last year it was the collapse of Punjab and Maharashtra Co-operative Bank, with deposits of about $1.6 billion, and last week India's central bank seized Yes Bank, a major private lender with $47.5 billion in assets. Both events reflect lax regulatory oversight, a lack of accountability and the sector's failure to learn from its mistakes.