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Former RBI governor Patel pens book on dealing with NPA issue

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Urjit Patel, whose stint as the top of the central financial institution was probably the most tumultuous in latest instances that ended with the uncommon occasion of an RBI Governor resigning, will probably be releasing a book later this month, his publishers have stated.

Titled ‘Overdraft: Saving the Indian Saver’, the book focuses on the non-performing belongings (NPAs) issue that has Indian banking in recent times, its causes and Mr. Patel’s efforts because the RBI Governor in dealing with it.

“Urjit Patel invests his thirty years of macroeconomic experience in building strategies to protect our banks from unscrupulous racketeers, ultimately aimed at saving our savings…,” writer HarperCollins India tweeted.

Mr. Patel’s book description says that sovereigns don’t must earn or save earlier than spending cash. They can both print or borrow.

“In our country, where they own banks, they can use our deposits to lend and splurge for goals that may not always be economic in nature. Many rulers have succumbed to the temptation, with dire results – inflation, debased currency, payments crises, bankrupt banks, economic stagnation, loss of public confidence.”

“After centuries of ruinous experiences, some governments learnt, others haven’t, to control themselves, create self-governing Central banks and let them manage money and regulate banks,” it says.

The issue of unsustainable dangerous money owed began as a trickle in 2015 after which grew to become a “flood”, it stated. “In the forefront were some of India’s largest government banks, and a series of tycoons who were running their empires on unpaid debts.”

Mr. Patel labored with a ‘9R’ technique which might defend depositors’ financial savings, rescue the banks and defend them from “unscrupulous racketeers”, it says.

Books or memoirs written by two of his quick predecessors – Raghuram Rajan and D. Subbarao – had shed mild on varied topics just like the RBI’s autonomy, rates of interest or its stance on demonetisation.

Mr. Patel, below whose governorship the observe ban was carried out, stunned all by resigning from the RBI in December 2018.

The resignation got here at a time when relations between the federal government and the RBI had soured, with the previous threatening to invoke a never-before used clause to present instructions to the central financial institution.

The RBI below Mr. Patel was reportedly averse to the federal government’s needs on getting additional capital held by the central financial institution, restructuring loans to small companies and offering liquidity help to the troubled non-bank lenders.

Mr. Patel’s resignation was adopted by an extended interval of absence from public gaze.

However final month, in a shock transfer, he was appointed because the chairman of the Ministry of Finance-run think-tank NIPFP.

Deputy governor Viral Acharya, who gave a robust speech asserting RBI’s autonomy and warned the federal government of the “wrath of markets”, additionally stop forward of the completion of his time period.

Mr. Patel was seen as very strict on the issue of NPAs and governance at banks, particularly the personal sector ones, the place the RBI changed the heads of ICICI Bank and Axis Bank, and began probing Yes Bank extra intently.

The RBI had begun an intensive asset high quality evaluation (AQR) to search out out the hidden stress on banks’ books when Patel was a deputy governor and he carried ahead the identical work.

Mr. Patel’s book will probably be launched by the top of July, as per a book promoting web site.

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