......A former RBI Governor, Y V Reddy, put the situation in perspective in a paper presented to the Bank for International Settlements in June. He said: “In 2001-02 the problem was one of slow credit growth. We described it as lazy banking and tried to encourage banks to improve credit growth with regulatory and monetary policy initiatives. Soon the lazy bankers became crazy bankers. Excess credit seems to have been preceded by slow growth in credit. The problem is to identify the point at which credit growth becomes excessive or too rapid.”............
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