It reflects, instead, an unlikely but not implausible outcome in which the U.S. economy experiences a serious recession simultaneously with a significant contraction of global economic activity and a global financial shock. Thus, the assumed increase in unemployment is similar to that experienced in the three deep post-World War II recessions.
The last, i.e., strengthening human capital will be the single biggest challenge. Old private sector banks also have the need to fundamentally strengthen skill levels. However, even more imperative is their need to examine their participation in the Indian banking sector and their ability to remain independent in the light of the discontinuities in the sector.