The question below consists of a set of labelled sentences. These sentences, when properly sequenced form a coherent paragraph. Select the most logical order of sentences from among the options.

P: The basic reform they need is to change their holding structure to give them autonomy, as well as accountability, not a promise of no government interference.

Q: PSBs need systemic reform to overhaul their current decision-making structure and culture.

R: If the government does not want to free the banks from majority state ownership, it could at least put them at arm’s remove, by creating a holding company that would hold the PSB equity, appoint PSB boards and supervise their functioning.

S: It is surprising that after appointing the Banks Board Bureau, it has been given little role in reforming the PSBs.