Banks can’t get ‘blanket relief’ from CBI, CVC actions

TIL Desk/Business/New Delhi-Amid a clamour among bankers for immunity from action by agencies like CBI and CVC, Reserve Bank Governor Raghuram Rajan has disapproved of any “blanket sort of relief” but wants the decisions on loans given after appropriate due diligence to be protected.

“I think bankers have expressed some concern that they should not be held liable for actions that are taken in the full spirit of what is needed,” he said.”I think everyone has respected the need that where they take actions based on appropriate due diligence, on a proper application of mind given the situation, they should have some freedom to take actions…

“Otherwise, we will not get the kind of clean up, the kind of putting over-leveraged projects back on track that the economy needs,” Rajan told a select group of journalists here.