Scams: From reel to real

While investigation in the matter is still on, the bank has thus far pinned the blame on the particular branch that was involved in the collusion

A near-universal recommendation in the wake of the Rs 114-billion Punjab National Bank (PNB) scam is the urgent need to privatise state-run banks. Nearly every commentator has brought out statistics, encompassing but not limited to non-performing assets, to claim that there is no bigger issue that plagues India’s banking sector than the hold that the government, and by extension, a prevaricating bureaucracy, has on most of its assets.

While privatisation in the Indian context may seem the need of the hour — if for no other reason than simply for greater vigilance — stories from other geographies can help us understand