MUMBAI: Former Reserve Bank of India (RBI) governor Raghuram Rajan has said that, instead of closing the insolvency option completely for Covid defaults, borrowers should have been allowed to renegotiate the loans under the bankruptcy platform and retain their businesses. In September 2018, former Reserve Bank of India Governor Raghuram Rajan had flagged the potential credit risks in schemes such as the Pradhan Mantri Mudra Yojana (PMMY), popularly known as the Mudra scheme, in a note to federal lawmakers.Rajan may have been the first to highlight this risks, but he is not the only one. Former RBI Governor Raghuram Rajan jumped into Yes Bank debate, reinforcing the burden of accountability on the government for the resolution of the crisis. ICICI Bank plans to raise as much as Rs 15,000 crore in capital via shares or equity-linked securities. Nobody—rating agencies, analysts or bank managements—has certainty on what exactly lies ahead. He said central banks in many emerging markets are resorting to such strategies and disagreed with … Analysts attribute this partly to expectations of an asset quality shock in the post moratorium period.The consensus is that around 5 percent loans could go bad. He was the 23rd Governor of the Reserve Bank of India … The government and RBI have announced a slew of reforms to arrest the slide and aid the recovery. Former Governor of Reserve Bank of India, Raghuram Rajan on Thursday said the central bank has been expanding its balance sheet and buying government debt on the back of excess liquidity amid the economic slowdown but cautioned that this comes at a cost and cannot be a lasting solution. Most private banks have stepped up advance provisions to cushion the COVID shock beginning the fourth quarter. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund. And unfortunately thus far, I can see some possibilities that have been announced in agriculture but we need far more elsewhere," Rajan said, speaking at a Linkedin interaction.The interaction was on COVID-19 impact on economies and the way forward. Banks are unable to assess the exact nature of the stress on their books due to the moratorium. I fear the consequences of sustained slow growth. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund. The former RBI governor and IMF chief economist is credited with predicting the 2008 global financial crisis. Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. Monetisation will neither be a game … He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Raghuram Rajan has said that the government’s plan to monetise debt using banks’ liquidity with the Reserve Bank of India’s help may not be sustainable. “The COVID-19 pandemic may set back the recovery of India's banking sector by years, which could hit credit flows and ultimately, the economy," the agency said in a note last month.The critical nature of Rajan’s warning about a spurt in NPAs in the next six months isn’t hard to understand if one closely looks at the economic situation.
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