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RBI is ahead of the curve; govt and bureaucracy behind: Viral Acharya

In an interview with Tamal Bandyopadhyay, Acharya says why some weak public sector banks should be "re-privatised" and foreign banks should be allowed a larger play

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“It’s not so much about personalities…There are deeper, underlying forces at work and we need institutional arrangements to guard against them,” said Acharya

Tamal Bandyopadhyay New Delhi

13 min read Last Updated : Jul 30 2020 | 4:34 PM IST

A year after he left the Reserve Bank of India (RBI), months before his three-year tenure finished, Viral Acharya, former deputy governor, in his latest book has described how fiscal dominance is the biggest bane of the banking system in India. In an interview with Tamal Bandyopadhyay, Acharya says why some weak public sector banks should be “re-privatised” and foreign banks should be allowed a larger play. Edited excerpts:

You have said the RBI had lost its governor (Urjit Patel) on the altar of financial stability. What about you? You too left six months ahead of the end of your term.

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