M Narasimham, economist and former civil servant (he has been finance secretary and governor of the Reserve Bank of India) has welcomed the recently-passed ordinance on bad loan recoveries and believes that it will arm the banking sector adequately to take on rogue borrowers. Naramsimham, who turned 75 last month, is the architect of reforms in the financial sector reforms. His two reports in 1991 and 1998 form the foundation of banking reform in India. He talked about the current travails of India