Wouldn't private be more dangerous than public?

The Nirav Modi scam at the Punjab National Bank can only be stopped if public sector banks are privatized, wrote Prof S Rajagopalan. "In a privately run bank, mispricing loans would lead to losing one's job, and taking sensible and calculated risks would lead to praise, bonuses and promotions." Without reward and punishment there is no incentive for bank employees to work hard or implement "an integrated banking system" that "makes it easier to detect fraudulent transactions or when employees overstep their lending parameters". Privatizing Indian public sector, or PSU, banks is almost impossible. Employees' unions are totally against any talk of privatization or mergers of PSU banks. Unions organized a strike last August to prevent any discussion on privatization. Even a merger of the State Bank of India with its subsidiaries led to strikes. To be fair to the unions, employees at private banks are no angels. Greed for higher bonuses can lead to very bad behavior, with disastrous consequences. "Founded in 1762, Barings was the oldest merchant bank in Britain before its collapse in 1995." Because of one rogue trader, Nick Leeson. In 2012, JP Morgan Chase & co lost $6.2 billion at its London branch because of Bruno Iksil, who was called the 'London Whale' because of the enormous size of his trades. In 2015, one Tom Hayes was jailed for 11 years for manipulating the London Interbank Lending Rate, or Libor, which is used by banks to lend to each other. Value of deals determined by Libor was revised down from $800 trillion to $ 450 trillion, sums too large for the human mind to comprehend. And, who can forget the collapse of Lehman Brothers which nearly crashed the entire global economy? Lehman acquired companies engaged in subprime mortgage business to increase its profits, and possibly bonuses of its managers. Merrill Lynch had to be rescued by the Bank of America. CEO of Merrill Lynch, John Thane had spent $1 million to redecorate his office: $87,000 on an area rug, $25,000 for a mahogany table, $28,000 for curtains and, the crowning piece, $1,400 on a trash can. India is used to great dramas that fizzle out to nothing. Already Modi's lawyer has claimed that the case will "collapse" like those of Bofors, 2G scam and Aarushi murder case. He also said that the total loan amount was only Rs 2.8 billion and not Rs 11.5 billion, as claimed. Indian politicians of all parties will never allow privatization of banks. "Politicians have an immense resource at their disposal -- the ability to arrange cheap credit for risky businesses in exchange for campaign finance. They leverage this resource and pass the bill to the taxpayers," wrote Rajagopalan. Who will bell the politicians?