'Central banks, sovereigns globally have one medicine for all problems: print money', says Uday Kotak

Veteran banker Uday Kotak.

Veteran banker Uday Kotak on November 6 took to Twitter to raise apprehensions over the "medicine" of printing money adopted by central banks and sovereigns across the world.

The solution of printing money is used to address all problems, Kotak said, adding that it distorts "value and values".

"Central banks and sovereigns globally have 1 medicine for all problems: print money. Distorts value and values," he tweeted.

His remarks suggested that the move not only hits the value of currency, but also hurts the values to constructively address long-term challenges.

According to Kotak, effective action must be taken to address all the challenges which are being considered as the "future generation’s problem".

"Like climate change it is the future generation’s problem. We need to solve it not kick the can. Future is here. Future is now," the MD and Executive Director of Kotak Mahindra Bank said.

Also Read | Need to have criminal justice system to protect bonafide actions by bankers for recovery of money: Uday Kotak

Central banks and sovereigns globally have 1 medicine for all problems: print money. Distorts value and values. Like climate change it is the future generation’s problem.We need to solve it not kick the can. Future is here. Future is now.

— Uday Kotak (@udaykotak) November 6, 2021

"Yes. One of the ways is shifting to a decentralised currency system. It’s inevitable anyways," Khandelwal said in his reply to Kotak's tweet.