Blaming clean-up efforts of Rajan, Patel for slowdown a ‘tragedy’: Acharya

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Blaming the bank clean-up efforts of former RBI governors and for the current slowdown is a “tragedy”, former deputy governor of the central bank said on Tuesday.


The public sector banking system is akin to a massive bad bank which has gobbled up USD 100 billion of taxpayer money in the last decade without delivering results, but no one cares about it because of the ‘sab chalta hai’ (anything goes) attitude, Acharya added.



“Even now, there is a concern that what Dr Rajan and what Dr Patel tried to do was a mistake, (that) India is not ready for it and it really baffles me.


“To think that central bank efforts to clean up and institutionally lift the quality of regulation were a mistake, to me that is a tragedy,” Acharya, who resigned ahead of the completion of his term to go back to teaching in New York, said.


He was speaking at the virtual launch of journalist Tamal Bandyopadhyay’s book ‘Pandemonium: The Great Indian Banking Tragedy’.


Acharya worked under Patel when much of the clean-up efforts were carried

Covid-19 impact: Office vacancy likely to increase in coming quarters

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While office rents have remained stagnant in the recent quarters of the calendar year 2020, office vacancy rates have risen steadily due to Covid-related issues.


Vacancies are likely to increase in the coming quarters before they see a trend reversal.



The demand-supply scenario has also remained similar over the past few quarters, according to the data released by CRE MATRIX.



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Row Erupts Over Brazil Suspension Of Chinese Vaccine Trials

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Brazil’s decision to halt trials of a Chinese-developed Covid-19 vaccine triggered a politically charged row Tuesday as a top health official expressed “indignation” and far-right President Jair Bolsonaro claimed the ruling as a personal victory.

Brazilian health regulator Anvisa announced late Monday it was suspending clinical trials of CoronaVac, developed by Chinese pharmaceutical firm Sinovac Biotech, after a “severe adverse incident” involving a volunteer in the study.

However, the public health center coordinating the trials in Brazil, the Butantan Institute, said there was no connection between the incident and the vaccine.

Privacy regulations prevent public health officials from disclosing details on the incident, which came as a setback for one of the most promising vaccines aiming to end the pandemic.

But the coroner’s office that carried out an autopsy on the deceased volunteer’s body told AFP police were investigating the death as a suicide.

“There is no relation with the vaccine,” said Dimas Covas, head of the Butantan Institute, a respected public health center.

Anvisa’s decision, he told a news conference, “came as a surprise… and caused indignation here at Butantan.”

“We don’t even know if this patient took the vaccine or a placebo,” said the coordinator of the Sao

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