PNB fraud case: Bankers, not bureaucrats, should run India's banks

The New Delhi bureaucrat who runs India's banking sector says this is an "isolated" incident

Indian banks are being hit with one disaster after another. They are already dealing with a bad-loan problem that’s close to a crisis — and which caused India’s largest bank to declare a quarterly loss for the first time since the beginning of the millennium. Some of the loans that have gone bad — such as those to the flamboyant liquor magnate  — already had terrible optics and were being investigated by various regulators as well as the police. The latest fraud allegation is of eye-popping scale: Punjab National Bank has reportedly admitted that a well-connected jewelry czar connived with