Former RBI Governor Raghuram Rajan hit out at Finance Minister Nirmala Sitharaman in response to her comments that he headed the “worst phase” of Indian Banks. Rajan said he was Governor of the Reserve Bank of India (RBI) from September 5, 2013, to September 2016; which is eight months in the Congress, but over 26 months under the BJP Government.

His response came when he was asked about finance minister Sitharaman's remarks in New York where she said that the Indian public sector banks had the "worst phase" under the tenure of former Prime Minister Manmohan Singh and Rajan as the RBI Governor. But he also added that he didn’t want to get into political arguments over the issue.

In an interview to CNBC, Rajan pointed out that while his term was going on, a crackdown on some bad loans in the banking sector that was clogged by these debts had begun but to this day, the job remains unfinished.

He said the country needs a whole armoury of reforms to usher in economic progress. At 5 per cent GDP growth rate, India saw a very bad economic slowdown, reported News18.