If a week is a long time in politics, a month or two can be a long time in economic policy. Two months ago, following the Punjab National Bank (PNB) fraud, an enormous clamour had erupted in favour of privatisation of public sector banks (PSBs). With ICICI Bank and Axis Bank in the news for the wrong reasons in recent weeks, the clamour has died down quite a bit.
Conspiracy theorists say that was the whole point about turning the spotlight on two large private banks — to deflect attention from the problems at PSBs. Conspiracy or no, the issues of
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