Unearthing Zombies

The authors are grateful to Viral Acharya, Pallavi Chavan, R. Ravikumar, and M.K. Subhashree for several helpful insights. The authors thank Pulapre Balakrishnan, Neeru Chaudhry, Mausumi Das, Manasa Gopal, Sargam Gupta, Amartya Lahiri, Alfonso Garcia Mora, Abhiroop Mukhopadhyay, J.V. Meenakshi, Rahul Nath, Jacopo Ponticelli, Raghuram Rajan, Bharat Ramaswami, Sourav Sarkar, Renuka Sane, E. Somanathan, Anand Srinivasan, Jay Surti, Pallavi Vyas, Luigi Zingales, and participants at several seminars and conferences for helpful comments. Rahul Singh Chauhan, Rishab Devnani, Kunal Garg, Ilisa Goenka, Advait Moharir, Jay Prakash Nagar, Rumana Patel, and Kavya Ravindranath provided excellent research assistance. The authors are grateful to the Reserve Bank of India (RBI) for permission to use the data. All opinions expressed in this paper reflect those of the authors and not necessarily those of the RBI or CAFRAL (promoted by RBI). All errors are the authors’ own. The authors’ original title was, “Can Regulatory Interventions Aid the Recognition of Distressed Borrowers in the Banking System?”