MUMBAI: Any indiscriminate naming and shaming of defaulters can be counterproductive to the economy as many defaults are due to genuine business reasons, RBI governor Raghuram Rajan said on Tuesday.He, however, said he is for publicising the names wilful defaulters who game the system. “We have no problem with the intent to publish the wilful defaulters’ list," said Rajan. “That is where the promoter has, in the eyes of the bank, taken the bank for granted.”But, he said, disclosing every name may deter entrepreneurs from taking risk. “Simply any default without understanding why, understanding the severity, is just put up for public to consume, it may create both a loss of business as well as undue anxiety and panic and, therefore, chill business activity. If you are a promoter, why would you take any risk if in the slightest chance of default, your name is put up in public for shame? I don’t think we want that kind of move,” Rajan said.He also defended bankers against criticism for many lending decisions taken in the past and cautioned that “hindsight is always 20:20.” “We must look at what were the conditions under which loans were given by the banks, given the information that was known then and be careful about hindsight being 20-20,” Rajan said. “When the regulator decides whether a loan is deserving of forbearance, he does it based on whether he thinks the industry or the sector will broadly recover and therefore the forbearance can be exercised.”Rajan also said if banks were hand holding sectors facing temporary weakness it should not be seen as a criminal offence. “If banks give loans under these circumstances if there is some forbearance that takes place it doesn’t immediately imply that there was criminality, there was corruption that this is a bad asset, so one has to be very careful.”On the Kingfisher case, Rajan, without getting into specifics, said the regulatory forbearance extended to aviation industry in 2010 was based on expectations the sector would bounce back. “The forbearance based on certain signal cases was given broadly on principals that the RBI had agreed to so. In Kingfisher case as well as elsewhere it was based on estimates of whether the industry will recover or not,” he said.