An article by the Reserve Bank of India (RBI) has named Kerala along with four other states—Bihar, Punjab Rajasthan, and West Bengal, whose indebtedness requires corrective measures. The article prepared by a team of economists under the guidance of RBI Deputy Governor Michael Debabrata Patra, states that state finances are vulnerable to a variety of unexpected shocks that might alter their fiscal outcomes, causing slippages relative to their budgets and expectations.