Is enforcement of banking regulations ownership neutral?

Bank of Baroda has agreed to a $600 million (around 5,700 crore) settlement related to the NMC Healthcare fraud case, wiping out more than a quarter of its FY26 net profit of around 20,021 crore. The article highlights RBI's differential regulatory treatment, contrasting harsh cease-and-desist orders against Kotak Mahindra Bank and Paytm Payments Bank with softer handling of PSU bank compliance failures such as UCO Bank's 2022 fraud episode. Former RBI Governor Urjit Patel's warning about banking regulation not being ownership-neutral is cited, underscoring the RBI's limited ability to penalise PSU bank management.