The myth of Sisyphus

The futile labour of Indian taxpayers

The Greek mythological tale in which Sisyphus forever pushes a huge rock up a hill only to see it rolling down every time characterises what Indian taxpayers have undergone for several decades. Public sector banks (PSBs) have often been induced into lending to dubious private sector borrowers. Thereafter, PSBs repair their balance sheets painstakingly with taxpayer capital for the cycle to start all over again. Taxpayers have also paid for government-owned institutions to be set up time and again to foster long-maturity lending and resolve the overhang caused by mega-sized debt defaults. This article discusses long-term lending by PSBs and