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Economy

India struggles to discipline its state-owned banks

Fate of key oversight body hangs in balance despite need for sectorwide cleanup

Indian bank governance is in the spotlight amid the ballooning $2.1 billion fraudulent-loan scandal at Punjab National Bank.   © Reuters

NEW DELHI -- The crisis in India's state-owned banking sector is deepening, but the government may be preparing to give a key oversight body, set up two years ago to improve governance at bank boards, a quiet burial.

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