The scandal involving the Punjab National Bank, numerous other Indian banks and diamond businessmen Nirav Modi and Mehul Choksi has once again brought the crisis of the banking system to the centre-stage of public debate.
The ruling class wants to exploit this particular scandal which involves public sector banks to push the erroneous and dangerous notion that privatization is the way to lift the banking system out of crisis. As far as the working class and broad masses of people are concerned, the problem is that both public and private banks are not fulfilling the function which the people expect from them. They are not protecting the hard-earned savings which people have deposited with them. Far from protecting such deposits, banks are colluding with capitalist profiteers to loot the people!