On the other hand, there is enough scope to take certain alternative steps. While FICCI has recommended financial take over of the 3 banks by the private sector, ASSOCHAM wants a greater degree of self-governance for these banks. In regret to CII’s proposal, FICCI believes that besides the asset-holders, it will lead to adverse effects also on the minds of those willing to take (or have already taken) loans from these banks, bank employees and above all, the general public. Even M.S. Verona Committee Report on "Restructuring of "Nationalised Banks" consists of certain recommendations on the strengthening of economically weak banks.

FICCI advocates a sufficient reduction of non-performing assets (NPAs) of these banks. Concurrently, there should be internal administration, quickness in decision-making and curtailment of expenditure. All these measures can be ensured only through privatisation. ASSOCHAM has instead opined that it is only through greater power of self-governance that those banks will be able to compete in the Free and open market as commercial organisations. It after exploring all such possibilities of restructuring these weak banks and trying them out, it is found that there is no clause, only and only then their closure may be thought of. ASSOCHAM has further said that the banks should have the liberty in adopting legal measures in order to recover loans. Different organizations of bank employees in critising CII proposals, have complained that the unrequited debt, of many industrialists to the banks are primarily responsible for the rise in the NPAa in these banks and thereby the poor economic conditions of the latter. Thus, ASSOCHAM’s statement regarding loan recovery capacity of the banks is just a manifestation of support for the grudges expressed by the organizations of bank employees.

It is not quite clear why FICCI and ASSOCHAM have posed themselves against CII’s stand to close the 3 nationalised banks. But it may be quite safely assumed to be due to the threat given by the organizations of bank employees to disclose the names of the "insolvent" industrialists since it would be quite a problematic for the industrialists in the event of such a disclosure and it is quite a well-known fact that these big bull, take shelter under the umbrella of all these industrial institution.