Debashis Basu: Public sector banks: Mr Modi's nightmare? | Business Standard Column

Debashis Basu: Public sector banks: Mr Modi's nightmare? | Business Standard Column

My VIEW



I have no quarrel with
the analysis of the need for drastic changes in the manner in which public
sector banks are managed or the position taken by the author on a couple of
recent initiatives of RBI including ‘management of stressed assets by banks’.
But we are not still out of the hangover from the Nehruvian era when policy
makers thought things can be changed by heavy investment in public sector and
leaving private sector to graze freely. I am not forgetting, even then there
were critiques who compared India’s ‘Mixed Economy’ (Capitalism and Socialism)
to War time mixing of horse meat in England with chicken in 1:1 ratio, one
horse(capitalism) with one chicken(socialism). The problem is we expect
government and public sector to do all ‘dirty’ jobs and private sector to do
what the opt for and make merry. This explains the private sector banks’ share
in India’s banking business still at a meagre 25% .
M G Warrier 

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