Today, Nobel Prize Winner Abhijit Banerjee has said that the equity of government in public sector banks should be lessened to below 50 percent in order to end fear psychosis among bankers.

While addressing a press released, the popular US-based Economist has said that “the banking crisis is frightening. We should worry about it. We should be more vigilant…One day the bank is fine and then suddenly it is in crisis…We should be able to stop the crisis much ahead before it happens.”

Dr. Banerjee has asserted that “we need some important and aggressive changes.”

The fear of probe by the Central Vigilance Commission (CVC) in default cases had weakened the banking system and bankers not ready to lend.

“Reducing government equity in public sector banks to under 51 percent will take them out of the CVC’s purview,” said the Nobel Laureate. 

Declining to get into questions on the economy or any controversial topic, Dr. Abhijit Banerjee has said in a meeting today morning, Indian Prime Minister Narendra Modi had “cracked a joke” that the media tried to trap him and “get him to say anti-Modi things.”

He also shared the Nobel Prize with his wife Esther Duflo and Michael Kremer.

The Union Minister Piyush Goyal hits him sharply and called him a “left-leaning” Economist. 

Against this background, Dr. Banerjee’s meeting with PM Modi was generated with much interest. 

After their meeting was completed, PM Modi tweets that he had an “excellent meeting” with Nobel Laureate, adding that “his passion towards human empowerment is clearly visible. We had a healthy and extensive interaction on various subjects. India is proud of his accomplishments. Wishing him the very best for his future endeavors.”

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