......Although the sting operation has tended to sensationalize things, it could lead to a purge in the entire system. Indeed the Reserve Bank of India (RBI), which doesn’t like to talk too much about the probe that it set in motion after the allegations were first made, has initiated steps to streamline wealth management offerings by banks, apart from the sale of mutual fund and insurance products along with the incentives associated with these. One very critical step is the proposal to segregate marketing and transactional banking. The noise on the sting operations should also encourage the banking system to do some soul searching and change some of the old practices, beyond branch banking and the sale of financial products............
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