With the pandemic showing no signs of abating and hopes of sharp economic recovery to pre-pandemic levels receding, dark clouds are gathering on the horizon for India’s beleaguered financial system. While the largest US banks have squirrelled away billions of dollars in anticipation of a wave of defaults, and the UK is considering a host of proposals, including swapping debt with the government in return for equity stakes and setting up a bad bank, we are yet to see concrete measures being undertaken in our country.
As was highlighted in the comments by Reserve Bank of India (RBI) Governor Shaktikanta Das,
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
