Former RBI governor Urjit Patel pens book on dealing with NPA issue

Urjit Patel, whose stint as the head of the central bank ended with the rare event of an RBI Governor resigning, will be releasing a book later this month, his publishers have said. Titled ‘Overdraft: Saving the Indian Saver’, the book focuses on the non-performing assets (NPAs) issue that has afflicted Indian banking in recent years, its causes, and Mr. Patel’s efforts as the RBI Governor in dealing with it.

publisher HarperCollins India tweeted,” Urjit Patel invests his thirty years of macroeconomic experience in building strategies to protect our banks from unscrupulous racketeers, ultimately aimed at saving our savings…”

Mr. Patel’s book description says that sovereigns do not need to earn or save before spending money. They can either print or borrow. “In our country, where they own banks, they can use our deposits to lend and splurge for goals that may not always be economic in nature. Many rulers have succumbed to the temptation, with dire results – inflation, debased currency, payments crises, bankrupt banks, economic stagnation, loss of public confidence. After centuries of ruinous experiences, some governments learnt, others haven’t, to control themselves, create self-governing Central banks and let them manage money and regulate banks,” it says.

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