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- W3180677864 abstract "In a country like India, banking sector crises are frequent and the picture isn’t always as glorious as the financial and economic booms paint it out to be. In recent times, especially since 2013, bank credit as well as deposit growth rates have been declining, which is reflected in the stressed assets problem that banks have been facing. Further, the actual number of private sector banks has been falling since 2000, while the government owned banks have implications and complications of their own. Against this backdrop, the Indian economy has experienced two major Banking sector crises-the first took place during 1997-2002, and the second started in the aftermath of the 2008 global financial crisis. The most common manifestations of stress in the banking sector are in the form of insolvency and lack of liquidity, according to several contemporary economists. In India, crises have mostly manifested in the form of high level of NPAs, defined as credit facilities in respect of which the interest or installments of principal has remained ‘past due’ for a specific period of time, and their impact on the capital adequacy levels of banks. The objective of this paper is to provide policy recommendations for the financial sector in India to prevent further crisis. In order to understand the two banking crises, this essay juxtaposes the two events and compares and contrasts the similarities and differences that have arisen over the course of their existence. The analysis finds that while the 1997-2003 financial crisis in India had its roots in the structural changes brought about due to liberalization while the crisis in 2008 has its roots in the excessive lending done by banks during the 2003-2008 credit boom. The paper critically examines the policy responses taken by the RBI in each scenario and provides recommendations to the government and RBI to prevent future crises, such as measures to ensure comprehensive reforms of banking regulation and supervision, greater infusion of capital in banks, and reduction in the control that the government holds over the banking sector from 70% of the sector to 60%-65% so that the government does not have to bear the full brunt of the fiscal shocks during possible future crises." @default.
- W3180677864 created "2021-07-19" @default.
- W3180677864 creator A5076638457 @default.
- W3180677864 date "2020-03-15" @default.
- W3180677864 modified "2023-09-24" @default.
- W3180677864 title "Comparison of the 1997-2003 and 2008 Financial Crises in the Indian Economy: Review of Causes, Similarities, Magnitude and Policy Recommendations for the Financial Sector in India" @default.
- W3180677864 hasPublicationYear "2020" @default.
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