RBI reports failed to mention potential IL&FS crisis: Ex-CEA

Former Chief Economic Adviser Arvind Subramanian has said that the RBI's Financial Stability Reports in last four-five years failed to mention the potential liquidity crisis at Infrastructure Leasing & Financial Services (IL&FS). "While RBI is one of the best institutions...We had some massive failures like IL&FS," he said. The IL&FS Group has a debt burden of nearly ₹1 lakh crore.