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Prabhat Patnaik
Monday 11 June, 2018
Historically, the push for bank privatizationwhich has gathered momentum with a rise in tendencies to take to neo-liberal policies. The arguments for privatization have been put forward time and time again, depending on economic circumstances. As international finance capital demands outright privatization to control financial resources and popularizes the conception of social interest best served through free finance, the NPA crisis in India has become the justification of the day.
C.P. Chandrasekhar,Jayati Ghosh
Tuesday 15 May, 2018
Neo-liberal banking reform was launched in the early 1990s to address the low profitability of the public banking system and the large presence of non-performing assets. It set itself the objectives of cleaning out NPAs, recapitalising the banks and modifying banking practices to restore profitability and drastically reduce NPA volumes. This did initially have some effect. However, while the NPA ratio fell between the early 1990s and the mid-2000s, it has risen sharply since then. Moreover, while earlier priority and non-priority loans contributed equally to total NPAs, more recently, large non-priority loans to the corporate sector account for the bulk of NPAs. An analysis of these features reveals that these trends are indicative of the failure of neo-liberal banking reform in India.
C.P. Chandrasekhar
Monday 14 May, 2018
The implementation of the Insolvency and Bankruptcy Code, 2016 has led to aggressive competition to acquire firms that have been subjected to the resolution process. This suggests that the default that required the creditors to bring these firms to the National Company Law Tribunal was not due to poor fundamentals.
Y.V. Reddy
Friday 09 March, 2018
This includes the text of the KLN Prasad Memorial Lecture that was delivered by Y V Reddy at the Administrative Staff College of India, Hyderabad on 1st February 2018.
Prabhat Patnaik
Wednesday 16 August, 2017
The few days old Volume II of the Economic Survey by Ministry of Finance shows a GVA growth rate much less than that of the previous year, and that too artificially boosted by seasonal variations in non-core sectors. This deceleration is most likely to continue, with growing NPAs and plunging exports, and interest rate cuts will not help in a demand-constrained economy unless the government starts thinking beyond “fiscal rectitude”.
Thomas Franco
Friday 31 March, 2017
In a surprise move, the Govt of India has forced 10 Public Sector Banks to sign an MoU in return for a small amount of capital. Many wonder why an MoU was required and why Unions and Associations are expected to sign. Is this a blank cheque for privatisation? Is it like taking the consent of a sacrificial goat by applying turmeric and water and getting its nod before sacrifice? The Government is like a parent and Public Sector Banks are like children. Will the parent take an undertaking from a child? These are questions which have to be answered by the Government.
C.P. Chandrasekhar
Wednesday 08 March, 2017
A trail of defaults is ensuring that the NPA ratio is not stabilising, as the RBI expected it would, once assets misclassified as restructured and standard are recognised as non-performing.
Thomas Franco
Tuesday 28 February, 2017
The economic survey presented by Dr. Aravind Subramaniam, Chief Economic Advisor talked about creation of a Public Sector Asset Rehabilitation Agency (PARA). The new Deputy Governor of RBI who is a known votary of Privatisation, who has taken leave from New York University for 3 years.....
C.P. Chandrasekhar
Wednesday 03 August, 2016
Adventurous lending followed by wilful default that has become more common in recent years, is linked to the change in banking practices and the pursuit of quick profits after liberalization.
C.P. Chandrasekhar,Jayati Ghosh
Tuesday 02 August, 2016
After having retreated from retail lending in the years since 2005-06, banks burdened by NPAs in areas like infrastructure seem to be returning to the retail market. How far can this go?
 

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