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India’s Financial Services: Trust deficit, truth, and dare

Updated : October 04, 2019 10:55 AM IST

Most bankers resisted AQR and transparency. They repeatedly lobbied for “forbearance” – a euphemism for being allowed to extend, pretend, and sweep the dirt under the carpet. 
The overhang of NPAs requires a bespoke solution. A government-backed distressed asset manager along the lines of Malaysia’s Danaharta could be the answer.
We need fresh capital. This will follow, provided we show intent and delivery on the NPA resolution and reforms as described above. 
India’s Financial Services:  Trust deficit, truth, and dare

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