Even if Mudra steps in to play its main role of refinancing at some stage, the responsibility for the bad loans remains with the banks.

Each scam that comes out in the open shows the regulators to be miles behind.

Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.

Multiple organisations of different kinds with overlapping goals would be a dream situation for those who believe in competition and innovation.

Mr Modi can create a small temporary team in the PMO whose only job would be to listen to businessmen's mann ki baat referring to global best practices.

Private-equity funds made an average annual return of just 7 per cent between January 2007 and December 2013 while the Sensex was up 11 per cent.

Lack of decisiveness and courage to deal with PSBs may turn out be the biggest impediment to the Modi government's economic initiatives, says Debashis Basu.

The new tax regime proposed by the Modi government may not have acceptance from all corners.

Mudra Bank will be a Rs 20,000-crore institution, which would "primarily be responsible for refinancing all micro-finance institutions.

Nobody is clear what 'minimum government maximum governance' means.

Govt must introduce automated investment scheme for poor.

Payment banks may not be viable option to attain financial inclusion.

The three main regulators have different approaches to grievance redressal and different standards to stop harmful from coming pitched at the consumer.

Public sector banks are inefficient, poorly governed and beset by largescale corruption.

Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.

There are millions of taxpayers, all of whom are susceptible to this frustrating situation.