......The reason for RBI seeking its application is rather simple and borders on being innocent: the inapplicability of SARFAESI hampers lending by commercial banks in the state. Ergo, the credit deposit ratio (CDR) is abysmally low. This is at best a partial truth. SARFAESI is neither a necessary nor a sufficient condition for bank lending. At worst, inapplicability of SARFAESI should increase the risk of lending in J&K which, in turn, should have an impact on the pricing of loans and not the volume of lending. Be that as it may, Subbarao will do well to look at RBI’s own annual publication............
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