Aug 13 Reserve Bank of India (RBI) governor
Raghuram Rajan said the country was in need of clearer
procedures when companies go bankrupt and called for new rules
to remedy the situation.
"We need a bankruptcy code. We need equity to be seen as
equity and debt to be seen as debt. Today there's a lot of
confusion... We need that confusion to be changed," he said.
Rajan said the country's economy was in a much better
position to tackle external shocks than last year, when the
rupee currency tumbled to a record low.
"Given our macro economic position, political situation ...
I don't think we are in same vulnerable position as last year,"
Rajan said at an event in Mumbai.
(Reporting by Neha Dasgupta in Mumbai; editing by Tom Pfeiffer)