Reinvent state-owned banks

A former deputy governor of the Reserve Bank of India once compared the chiefs of public and private banks thus: "A PSU bank chairman will walk into my office with an ingratiating smile, a slight crouch to show submission, and mouth gushing compliments about, say, a speech I have delivered somewhere, calling me 'sir' several times. A private bank chief will walk in, greet me as xxxx [his first name], and proceed to discuss issues as an equal."

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