Securitisation is a valuable element of the modern financial system. It is particularly useful in Indian conditions, and in addressing the present Indian situation. Some things went wrong with securitisation in the US prior to the 2008 crisis.
The remedies for this are well understood. The Reserve Bank of India (RBI) is in a useful incremental process of addressing the regulatory difficulties. More work is required, particularly on taxation, in order to remove the barriers that hold back private persons. There is an important line between central planning and addressing market ...
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