The public sector banks in the country has the most worst time under former prime minister Manmohan Singh and RBI governor Raghuram Rajan accused union Finance Minister Nirmala Sitharaman. She said this while delivering a lecture at Columbia university.
” It was in Rajan’s time as Governor of the Reserve Bank ” that loans were given just based on phone calls from crony leaders and public sector banks in India till today are depending on the government’s equity infusion to get out of that mire” , said Finance Minister.
” An 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 worst phase than when the combination of Singh and Rajan as Prime Minister and the Governor of Reserve bank, had. At that time none of us knew about it”, She added.