In my childhood, I remember my father justifying depositing his savings in government banks as being secure, safe and trustworthy. On the contrary now, it is fearful to think of the magnitude of the rot that has set in in the banking sector. Have dynamic systemic checks and balances, accounting and auditing systems in place kept pace with the ever changing nature of the banking business? On what basis has Punjab National Bank been winning awards for excellence in banking vigilance? We need a thorough audit of the health of our banking system and a series of steps to be undertaken for us to regain our trust and faith in the system.
In the absence of these measures, no amount of recapitalisation of a sick banking system is going to be of any help — for us, banks and the economy.
S.G. Jaidev,
Karaikudi, Tamil Nadu