Banks’ “Worst” Time Under Manmohan Singh-Raghuram Rajan: Finance Minister

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NEW DELHI: Finance Minister Nirmala Sitharaman has turned the tables on her macroeconomics opponents by pointing at a massive amount of bad loans in state-run banks when the United Progressive Alliance (UPA) was in power. She held “the combination” of former Prime Minister Manmohan Singh and former Reserve Bank of India Governor Raghuram Rajan responsible for putting public sector banks (PSBs) through the “worst phase”.
“I have no reason to doubt that Rajan feels for every word of what he is saying. And I’m here today, giving him his due respect, but also placing the fact before you that Indian public sector banks did not have a worst phase than when the combination of Singh and Rajan, as Prime Minister and the Governor of Reserve Bank, had. At that time, none of us knew about it,” the Finance Minister said at the Columbia University’s School of International and Public Affairs on Tuesday.

Ms Sitharaman has been firefighting criticisms over a slowdown in the economy that threatens to burn key sectors from manufacturing to finance.

Both the former Prime Minister and the RBI Governor are fierce critics of the Modi government’s economic policies, including the overnight notes ban in November 2016 that they maintain broke the back of India’s cash-dependent informal economy.

Source By NDTV

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