RBI moots review of all bank licences on 'fit & proper' norms | Business Standard

RBI moots review of all bank licences on 'fit & proper' norms | Business Standard


M G WARRIER
In 2013, we do not need a Cobrapost, a Tehelka, Wiki-leaks or a new TV Channel struggling to improve its own TRP to tell us that all is not well in the goings on in India, when it comes to handling public funds (‘public funds’ comprise money collected from public which includes bank/company deposits and other funds with private organisations). After all, this much is being told day in and day out by the highest court (Supreme Court of India), Comptroller and Auditor General, Election Commission and several other ‘usually reliable’ government and private bodies, from time to time in recent years. Most of the political parties also have endorsed this view during their bickering among them. What the common man is waiting for is a change which will reduce corrupt practices and infuse a semblance of ethical behaviour, on the part of individuals and organisations handling public funds, on which, in reality, they have only trusteeship rights. Initiatives like the present one from RBI to review compliance of conditions of incorporation and functioning of banks whenever warning signals emanate from whichever corner should be welcomed, viewed from this perspective. We need all voices which bring to surface unethical practices including corrupt behaviour on the part of ‘public servants.’ More importantly, media should help citizens to follow up such cases until the guilty meet with exemplary punishment. Business Standard has just done that by giving the priority it deserves to this story. M G Warrier, Thiruvananthapuram

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