.............The majority of Indian banks have a top-down approach to loan clearance, justified on the grounds of speed and improving market share. In case a branch manager does not approve the loan, promoters go directly to zonal or regional managers. In case they are reluctant, they go to the general manager, executive director or the chairman-managing director. And every superior justifies the decision on the ground of business growth but without any transparency or accountability . No wonder Percy Mistry , who chaired a government panel on financial sector reforms, chose to call Indian public sector bankers “zombie bankers“.........
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