Reserve Bank of India (RBI) is serious over the Loan Waivers happening in the Telugu States. RBI Governor had long ago stated that the apex bank is not in favour of any loan waivers and tried to stall the process by imposing strict rules for both Andhra Pradesh and Telangana. However both the state governments are adamant in carring out the waiver since it is a prominent poll promise.
Both the Chief Ministers have been negotiating deals with the banks to sail safe in this issue. However RBI seem to be not at all happy with this and has demanded explanation for the same. RBI governor Raghu Rama Rajan will be in Hyderabad on 15th of this month. Both the CMs will meet Rajan that day and try to convince him. They will also request Rajan to make sure the banks issue loans to the farmers even with the part payment of previous loans. RBI has inhibitions over the loan waiver as such waivers will kill the banking culture as well as discourage good borrowers.
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