The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff, and has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet is titled “Indian Banks and The Prevention of Corruption Act: Freedom and Discipline” which was published in November 2018. This is the textual representation of speech delivered by Dr. Ashima Goyal at the fourteenth M.R. Pai Memorial Award Function. The author underlines the importance of the institution but also reflects on how multiple institutions came to evolve and due to the centralized planning on federal constitutional structure and how thanks to multiple agencies there was no clear accountability. She also mentions initiatives taken to create institutions like CBI and CVC to serve checks and balances and fight corruption. The text proceeds to set out briefly the genesis of NPA problems encountered by the public sector banks and offers a balanced perspective regarding this issue. The author expresses concern on the plight of independent directors and also goes on to reflect on a common type of financial risk – credit risk and market risk. The author highlights the underpinnings of the role of vigilance institutions within the framework of market compatibility. Further, the text talks about various features of the recent amendment of the Prevention of Corruption Act which changed the controversial 1988 clause. The text concludes with the author’s reflection on several other positive structural changes, including demonetization, GST, and IBC.