While it’s too early to say if the worst is over, the government’s move to push through a new bankruptcy law will help banks and companies work toward settling dues, Raghuram Rajan says. Photo: ReutersMumbai: Former Reserve Bank of India (RBI) governor Raghuram Rajan gave a vote of confidence to the monetary policy committee (MPC) led by his successor, which has been facing criticism from some government advisers for keeping interest rates too high. Speaking to Bloomberg Television in Davos on Tuesday, Rajan said the six-member panel headed by Urjit Patel “is doing a good job” in focusing on inflation. The decision to set up the panel was taken while Rajan was still at the RBI, but it came into force soon after the end of his term. Apart from the MPC, Rajan was also instrumental in prodding Indian banks to start identifying and cleaning up about $210 billion of stressed assets on their balance sheets.

Source: Mint January 23, 2018 12:11 UTC