As the resolution of these issues will take considerable time, our task is to see what can be done within the present public sector structure. Something can be done – better internal checks and balances, better auditing, better transparency, better enforcement of policies, better action over NPAs, timely action against frauds.
I hope you will give consideration to these in the interim, while we debate the larger issues. As regards the “insider” model, there is a tremendous variation both in terms of risk as well as Corporate Governance structure. By and large, the structure is very weak in Co-operatives and NBFCs for historical reasons, local practices, and multiplicity of regulators and laws.