Lessons from India’s post 1991 Banking/Financial Crises

RBI Dep Governor, Dr. Usha Thorat has given an excellent speech reviewing all the major/minor financial/banking crises in India since 1991. She adds the lessons learnt from each crisis.  

She covers following crises:

  • The BOP crisis of 1991
  • The Securities irregularities of 1992
  • Imbroglio caused by dealings of Non-Banking Financial Companies in 1997
  • Asian Crisis of 1997 – the first global contagion
  • Urban Co-operative Banks – the Weak Link
  • Failure of a fairly significant mid sized commercial bank in 2004

What is interesting is that each crisis the broad setting is the same, just that players change in each one. Whichever is the weakest link in financial system is soon exploited by players which poses risks to the entire system.

3 Responses to “Lessons from India’s post 1991 Banking/Financial Crises”

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    From Keynes (New Deal), to Friedman (Neoliberalism), back to Keynes (global financial crisis)… where next?

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