Caught in a cleft

Govt seems to be running out of options on public sector banks

Reserve Bank of India Deputy Governor Viral Acharya said last week that the financial health of India’s public sector banks (PSBs) was so poor that it kept him awake at night. It is not that the government and the central bank have not tried to tackle the problems, but Mr Acharya said that the “glacial” pace of reforms was worrying. For instance, he said while the so-called Indradhanush was a good plan, it might not be enough and what the PSBs needed was a far more powerful Sudarshan Chakra (the name of Krishna’s weapon) that could do things quickly to