Letter to BS: PCA shadow on Punjab National Bank, Canara and Union Bank

Substantive reforms in all facets of PSB functioning have to be quickly carried out

This is with reference to "PCA shadow on PNB, Canara and Union Bank" (May 17). Already 11 public sector banks (PSBs) are under the Prompt Corrective Action (PCA) framework of the Reserve Bank of India. Some more are likely to come under this framework including some of the biggest PSBs such as Punjab National Bank, Canara Bank and Union Bank. I feel the government has not carried out substantive reforms in the PSBs’ loan sanction systems, management, board functioning systems etc. 

Merely changing people at the helm of affairs and charge-sheeting the ones who have allegedly committed acts of malfeasance alone