CRISIS IN PUBLIC BANKING SECTOR

The report ‘Govt weighs merger of four loss-making public sector banks’ (June 4) reveals the crisis in the Indian banking system precipitated by financial frauds, nonperforming assets (NPAS), including bad loans. It has a terrible effect on the entire economy and calls for a shift from narrow to universal banking with a committed manpower. We need to review our monetary policy, which should be done by the Reserve Bank of India (RBI) but is sadly done by the monetary policy committee (MPC) of the Union finance ministry. The ministry seems to have forgotten its own role of establishing a concrete fiscal policy.

MM Goel, Kurukshetra will affect their vote bank. On top of it, the then prime minister VP Singh had used the recommendations of the Mandal Commission to introduce ‘Other Backward Classes’ into the reserved category, making a mockery of the whole process. Every day, a new class protests in a bid to join the reserved category. If the country wants to progress, merit should be the only criterion for admissions into educational institutions and appointments in government jobs. However, no meritorious student should suffer due to economic reasons.

VN Grover, Panchkula them. The protesting farmers should desist from creating a crisis and wasting other farmers’ hard-earned produce. This will ultimately create a fissure among the farming community itself, which, in turn, will weaken their legitimate demands. Farmers are the backbone of any society and they should be given their due but it is also their responsibility not to disturb the social fabric.

Sumanta Ghosh, Panchkula