Letter to BS: Why RBI governor Urjit Patel is right on bank reforms

There are inconsistencies and weaknesses in our banking regulation systems is now a given; the issue is to make systemic corrections and set it right

My compliments for the brilliant editorial titled “Mr Patel is right” (March 16). One “good” thing that the Nirav Modi/Punjab National Bank (PNB) scam has done is to highlight to the nation several flaws in the governance and regulation of public sector banks (PSB). Notwithstanding Urjit Patel’s somewhat theatrical comparisons with mythology—“ready to be Neelkantha and drink poison” or the Reserve Bank of India (RBI) being “the mandara, mount or the churning rod in the amrit manthan or the samudra manthan”—his outburst and the no-words-minced frank talk is bound to set the ball rolling for some constructive action by the