Thanks. Will wait to educate myself on if PE can/should be used or not. At this point in time I am not equipped enough to be able to compare between both and hence would refrain from talking about pros and cons of both approaches in relative terms.
Personally, I just try to follow a basic thing which is valuation approach for a firm should be driven by where the value is created from or where the value lies within the firm. And hence have been able to reconcile with book value (alongwith other associated stuff as stated above) as a good approach to value banks or NBFCs.
Also believe that such theories need to deliberated much in detail with appropriate back testing etc.,. as well. Don’t think I have the time to deliberate that much but none the less will try to read what I can find on this 
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