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Urjit Patel's first RBI policy announcement kicked off in time.. Patel says 5 sectors contribute to 65 percent of the stress in banks. RBI is working with banks and government to improve things.
As Mint Street readies for a new sheriff, the three-year tenure marked with numerous controversies ended today for Raghuram Rajan -- who sacrificed economics for electrical engineering in college and ended up doing a 'deep surgery' of banks while at RBI.
Rajan has scored an outstanding 9/10 in terms of overall performance in a CNBC-TV18 poll of bankers, bond dealers and economists.
Raghuram Rajan, RBI governor emphasised that the changes proposed may be “risky†but “as India develops, not changing is even riskier. We have to keep what is good about our system, of which there is a tremendous amount, even while acting differently where warranted.â€
