Privatising Indian PSU Banks will not solve problems with the industry, as Private Sector Banks have got into trouble too.

The biggest problem with the Indian banking sector is a lack of proper checks and balances. Without them, future scams cannot be ruled out. RBI needs to get more powers, besides doing a lot more to ensure that transgressions of the sort seen recently at PNB, ICICI Bank and Axis Bank do not occur elsewhere again.