Urjit Patel: RBI was slow to take timely measures

In his first comments after resigning as RBI governor Urjit Patel said banks indulged in over-lending, while the govt did not "fully play" its role, and also conceded that the regulator should have acted earlier. "How did we get here? Plenty of blame to go around! Prior to 2014, all stakeholders failed to play their role adequately. Banks, the regulator and govt," he said.

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