Apropos the editorial "The banking agenda" (January 5), public sector bankers are in real trouble after the assurances given by Prime Minister Narendra Modi at the concluding session of the two-day "Gyan Sangam" in Pune. They can no longer blame the government or its interference for any problems in future. Modi and Finance Minister Arun Jaitley are known for keeping their word. Until now, public sector bankers could raise red flags about micro-management by the finance ministry through directives and so on. This came in handy to hide their own non-performance. But after the Pune event, they are now looking for an escape.
It is wrong to assume that all bad eggs among PSU banks are due to the government's interference and directives. The bankers' collective ignorance also contributed to the mess. The unfortunate part of the Pune event is that even Reserve Bank of India Governor Raghuram Rajan - who is known for his honest opinion on banking issues - was not open about the lack of skills to evaluate lending among public sector banks.
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It is wrong to assume that all bad eggs among PSU banks are due to the government's interference and directives. The bankers' collective ignorance also contributed to the mess. The unfortunate part of the Pune event is that even Reserve Bank of India Governor Raghuram Rajan - who is known for his honest opinion on banking issues - was not open about the lack of skills to evaluate lending among public sector banks.
K V Rao, Bengaluru
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201 · E-mail: letters@bsmail.in
All letters must have a postal address and telephone number