End government control, and many of the management constraints that have contributed to the poor performance of these banks would disappear.
For instance, the limits on public-sector pay scales would go, enabling banks to attract the best staff at board level and below.
An intermediary body to manage the state’s shareholdings would rein in political interference—as long as it is independent.
Private investors would then be happier to provide the extra capital the banks need to fund India’s next investment upswing