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RBI knows banking better than US Fed: Stiglitz

Text: Suman Guha Mozumder in New York

April 15, 2009

Nobel laureate Joseph Stiglitz complimented the Reserve Bank of India last week for resisting pressures to deregulate the banking sector.

Stiglitz, a professor at Columbia University, said one reason India is "one of the least dark spots" in the gloomy global economic scenario is that its central bank has resisted such moves.

Stiglitz said India had largely averted a crisis that felled the United States because India's central bank did not act like its counterpart in the United States.

Image: Winner of the 2001 Nobel Prize in Economics Joseph E Stiglitz. | Photograph: Kham Kham/Reuters

Also read: India, Asia's 4th most corrupt nation

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