Letter to BS: Rajan's policies, not note ban slowed growth, says NITI VC

It was only with the introduction of the AQR that the real position of NPAs was revealed

This is with reference to “Rajan’s policies, not note ban slowed growth, says the NITI VC” (September 4). I disagree with the NITI Aayog vice-chairman‘s contention that the former Reserve Bank of India Governor Raghuram Rajan’s (pictured) policies led to the situation where the banks could not lend because of their high non-performing assets (NPAs). The asset quality review (AQR) instituted under Rajan enabled the correct and rigorous identification of NPAs that brought an element of complete transparency in the stressed assets position of banks and started the process of resolution of NPAs. 

Though the genesis of the NPAs in the