It’s time to talk about the bad loans scam

........Previous Finance Ministers Pranab Mukherjee and P. Chidambaram perfected the art of ignoring the problem. They stayed silent on the issue and when pressed spoke about bad loans only in vague, inconsonant terms. That fuelled speculation that many bad loans were not just the result of bad business decisions but bad intent — that businessmen in cahoots with politicians, bankers and bureaucrats have been looting public sector banks merrily. After all, the rate of bad debt in government-owned banks is about 5-10 times higher than in private banks. Partly, this is because PSU banks lend more to the weaker priority sector. But it is undeniable that poor management and corruption are also major reasons public sector banks are bleeding.............

Read - Sunday Guardian