........In his over hour-long interaction with the bankers, Chakrabarty used hard data to support his observation and blamed complacency on credit appraisal and credit management for the present situation of high non-performing assets and high incidence of loan recasts. Chakrabarty, who joined RBI after a long career as a commercial banker, was particularly critical of the system of a “technical write-off” by the lenders, saying he does not understand the system...............
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It is heartening to find that though late in the day, a debate on who favours whom is getting initiated at the highest level. This is good for the health of the economy. For treating any ailment, diagnosis is the most important step. It cannot be different for an ailing economy. Indian economy has enough resources to restore its health. Revelations like the one now made by RBI Deputy Governor about write offs in favour of wealthy by banks and annual waiver of taxes payable by corporates(that could be several times one trillion during the last ten years) while tabling Budget Estimates in Parliament will give a rough picture of how the rich is becoming richer. May be the government or any organisation at national level should compile this information as also create an inventory of estimated domestic stock of gold and other precious tradable resources.
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