December 14, 2024 04:48 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Bengaluru techie suicide: Karnataka Police issues summons to wife Nikita, her family members | French President Macron appoints centrist leader Francois Bayrou as new Prime Minister | Congress always prioritised personal interest over Constitution: Rajnath Singh | Jaishankar calls attack on Hindus in Bangladesh 'a source of concern' | Allu Arjun arrested over woman's death in stampede during Pushpa 2 premiere show | RBI receives bomb threat in Russian language, case filed | UP teenager kills mother, lives with body for 5 days | At least six people including a child killed in Tamil Nadu hospital fire | Amid Atul Subhash row, SC says mere harassment is not enough to prove abetment to suicide | India's D Gukesh becomes youngest ever world champion in chess

Nobel laureate Abhijit Banerjee suggests proactive approach to prevent banking crisis

| @indiablooms | Oct 22, 2019, at 08:43 pm

New Delhi/IBNS: India-born Nobel Laureate Abhijit Banerjee on Tuesday suggested "aggressive and important changes" to deal with the banking crisis in India.

Speaking to the media here at a press conference, Banerjee expressed concern over the banking crisis saying it was frightening and called for early detection of an approaching disaster.

"We should worry about the current state of banks...one day the bank is fine and the next day it is in crisis...We should be able to stop this crisis much before it happens..we should be more vigilant," the acclaimed economist said.

Banerjee also pointed out the need for reducing government stake in Public Sector Banks in order to relieve the banks of the fear of vigilance investigations.

He said banks were afraid to lend for the fear of being investigated by the Central Vigilance Commission(CVC) and added "Reducing government equity in public sector banks below 51 per cent will take them out of the CVC's purview."

However, Banerjee said that he will not make any controversial statement as he has been cautioned by the PM that the media was trapping him into making anti-Modi statements.

"I had a cordial and good meeting. PM Modi started by cracking a joke on how media is trying to trap me to say anti-Modi things... He's been watching the TV and he's been watching you guys. And he knows what you are trying to do," Banerjee told the media.

Notably, Abhijit Banerjee has been a critic of the economic policies of the Modi government though he in recent interviews said his experience of working with the Gujarat government in the past under Modi was good.

After he won the Nobel, Banerjee had criticised the present dispensation and said the Indian economy is on shaky ground.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.