It is becoming increasingly clear that the crisis our public sector banks are facing is being used as a convenient smokescreen to push through corporate interests (“A flawed rescue act”, May 25). The Banking Regulation (Amendment) Ordinance is aimed at facilitating a write-off of corporate dues. RBI officials are upholding privatisation as a panacea for ills afflicting public banks at a time when some of the leading private banks are outpacing public banks in NPA accretion. There have been no serious attempts to remove practical bottlenecks in recovery. The RBI has strangely refused to publicise the names of wilful defaulters notwithstanding the Supreme Court’s adverse observations in this regard. Is there any doubt about who is calling the shots?
Manohar Alembath,
Kannur, Kerala
