00:00I do respect Raghuram Rajan as a great scholar, who chose to be in the central bank in India at a time when the Indian economy was all buoyant.
00:30I cannot but mention it now that the banks in India, and you are all aware only a few days ago the economist has written about the state of Indian banks.
00:52But yet, to link with a statement, it was in his time that loans were given just based on phone calls from crony leaders.
01:09And public sector banks in India, till today are depending on government's equity infusion to get out of that mire.
01:21Dr. Manmohan Singh was the Prime Minister. And I am sure Dr. Raghuram Rajan will agree that Dr. Manmohan Singh would have had a consistent articulated vision for India.
01:39With due respects, I am not making fun of anybody. But I certainly want to put this forward for a comment which has come like this.
01:51I have no reason to doubt that Dr. Raghuram Rajan feels for every word of what he is saying.
01:59And I am here today giving him his due respect, but also placing the fact before you that Indian public sector banks did not have a worse face than when the combination of Dr. Manmohan Singh and Dr. Raghuram Rajan as Prime Minister and the Governor of Reserve Bank had.
02:27At that time, none of us knew about it. There was an asset quality review which Dr. Raghuram Rajan did, which I am very happy about, very grateful that he did it.
02:36But I am sorry. Can all of us put together also think of as to what ails our banks today? Where has it been inherited from?
