India's banking sector is in a state of panic. Over the years bad loans have mounted, willful defaulters have run away like Vijay Mallya and Nirav Modi, and the rising NPAs are reflecting poorly on the government politically as we head into an election year. The investigating agencies are going after bankers much more aggressively for the loans they've given. The banking industry now believes there is a witch hunt where top officials are being targeted for no illegality. So is this action against banks, helping to clean the system, or is it terrorising the system instead?