ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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No Cause for Comfort

Since the global financial crisis unfolded, policymakers and politicians in India have claimed that prudential government regulation and oversight spared Indian banks the calamity that befell their western counterparts (Y V Reddy, “Financial Sector Regulation in India”, EPW, 3 April 2010).

Academics such as Arvind Panagariya (“India’s Financial Secret Weapon”, Foreign Policy Magazine, January 2009), journalists and bankers alike have heaped praise on the regulations that former Reserve Bank of India (RBI) governor, Y V Reddy, upheld since 2003.

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