Viral Acharya, deputy governor of the Reserve Bank of India, called on the government to inject "substantial additional capital" into state-owned lenders, saying the country had to urgently address the weak balance sheets in its banking sector. Acharya's comments come after data last week showed gross domestic product grew only 5.7 percent in the April-June quarter, its slowest pace in more than three years, in part as private investments have waned as banks find themselves saddled with a record $155 billion in bad debt. The RBI deputy governor, in a speech to ...
RBI's Viral Acharya urges govt to inject more funds into lenders
Substantial additional capital infusion is almost surely required, he added