If bank boards aren't capable, nothing much can be done: K C Chakrabarty | Business Standard

If bank boards aren't capable, nothing much can be done: K C Chakrabarty | Business Standard


M G WARRIER
In the given situation, the Deputy Governor may not have ready answers to all the questions posed. But the positions taken on the following issues are not professional and a layman’s view is not what one expects from the regulator: • ‘If bank boards are not capable, nothing much can be done: If Dr Chakrabarty is meaning what he says, RBI and GOI should take responsibility and take immediate steps to put in place ‘boards which are capable’. • ‘Banks might have indulged in “traffic rule violations” but “no accident has taken place”: Cobrapost allegations hover around allegations that bank officials were liberal in offering to violate traffic rules. The position that ‘no accident has taken place’ is a ‘legal denial’. ‘Accidents’ are taking place and it is for the regulator, supervisor and other authorities including Finance Ministry to find out how many of them are ‘caused’ by ‘traffic rule violations’. • ‘Reputation will be hampered if one or two banks do it. If everyone indulges in this, where is the issue of reputation? My question is why banks should take so much commission in selling insurance/mutual fund products.’ If the regulator starts asking questions like this, where does the customer go when he has a grievance? The position that ‘If everyone indulges in this, where is the question of reputation?’, though goes well with the stand political parties take these days, brings down the image of the institution (RBI) Dr Chakrabarty serves today. • ‘Restructuring is a perfect commercial phenomenon, practiced across the world. It is like a medicine but it has to be used judiciously. If you don’t use it properly, it will not give you the result. If banks are taking undue advantage, then banks are going to suffer’: Very true. But when banks ‘suffer’, the real loss is passed on to the depositor and the tax-payer. The government and RBI are duty-bound to protect public interest, in such situations. M G Warrier, Thiruvananthapuram
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