Reserve Bank Governor Raghuram Rajan on Friday said there is a need to check flaws in the banking system to ensure that defaulters are not let off scot-free. “We have to check the flaws in banking system where a defaulter can not escape with impunity,” Rajan said. The banking sector is currently struggling with high non performing assets (NPAs).
Delivering the annual Sardar Vallabhbhai Memorial lecture at The Sardar Vallabhbhai Patel National Police Academy here, Rajan also called for ‘focus’ in implementation of economic reforms and improving capacity at every level of economy and village and national infrastructure to maintain growth and check inflation.
“Our country is today facing number of challenges regarding implementation of economic reforms and we are putting it back on the right path by certain measures.