Recent press reports have quoted a spate of instructions of an operational nature from the Union ministry of finance to public sector banks. (The Reserve Bank of India and a previous governor have protested against the interference.) Before coming to the issues,.........
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Agreed that a spate of instructions from GOI which should have been routed through RBI after convincing the latter created some confusion for PSBs. This issue will be sorted out between North Block and Mint Road, hopefully. It looks, the transparency with which Public Sector Banks are working is giving more scope for media scrutiny. While this should continue so, private sector banks and media need to introspect whether they are doing justice to the public funds mobilised by the private banks.
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