Uday Kotak raises concerns on central banks printing too much money

Veteran banker Uday Kotak on Saturday raised concerns about the central banks printing money as a solution to all the problems, and called for an immediate solution to the issue.

In a tweet, Kotak said that the central banks and sovereigns globally have only one medicine for all problems, that is printing money. However, this distorts value and values.

The CEO of Kotak Mahindra Bank also called for finding an immediate solution to the issue and to not drag it further.

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Replying to Kotak's tweet, cryptocurrency exchange CoinDCX's co-founder Neeraj Khandelwal called for shifting to a decentralised currency system.

Interestingly, Kotak himself had in May this year called for the Reserve Bank of India to print money to support the Indian economy that had taken a beating due to the second wave of coronavirus.

Also Read: 'Time has come': Uday Kotak suggests printing money to save economy