Large number of bad loans originated during 2006-2008: Rajan
Former RBI Governor Raghuram Rajan has said that a large number of bad loans originated during 2006-2008, a period coinciding with UPA's first term. He added that banks sometimes relied on project reports prepared by a promoter's investment bank, without doing their own due diligence. Rajan also pointed to loss of promoter and banker interest for rise in bad loans.