“I am here to talk on resolution of financial distress. I’m talking about obituaries rather than birth announcements,” said Rajan “It feels like in the last few days I’ve read a lot of my obituaries and I’m still here for two-and-half months in this job.”
He said PSU banks are unwilling to lend more due to bad loans. $4 urged state-run banks and company promoters to not keep the issue lying around. “To the question of what comes first, clean up or growth, I think the answer is unambiguously “Clean up!” $4 said.
In this speech, $4 claimed his actions like ordering state-run banks to conduct comprehensive asset quality reviews of their balance sheets actually helped the economy.
He also said he still has two and a half months to go before he steps down, and one shouldn’t ‘write him off’.
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