The Note to the Parliamentary Committee by Raghuram Rajan, the former Governor of the Reserve Bank of India, reported widely in the media, makes interesting reading on the story of non-performing assets. The Note needs analysis and closer examination because not all public sector banks had slipped into high NPAs. Also, in following with the findings of the great financial crisis, the role of credit rating agencies, evaluators, valuers, legal experts, auditors and chartered accountants should have also been questioned, and not just PSBs.

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