the banking system in india

India has perhaps the worst banking system in the world.Most public sector banks are in the red with huge NPAs.The RBI which is the central bank has little say in day to day functioning of the banks and can only lay down policy guidelines.Most of the bank employees are in league with the corporate borrowers and politicians and act at their behest.There is no transparency in their functioning.It is impossible for a prospective entrepreneur to get any assistance from the banks.It is easier and cheaper to get a vehicle loan than an education loan.Farmers are committing suicide because of inability to repay loans.
Without a massive overhauling of the banking system,it will be impossible for India to emerge out of the cycle of stagflation,unemployment and poverty.