VITALINFO: Writing Reserve Bank’s obituary - Dr.N.A.Mujumdar

VITALINFO: Writing Reserve Bank’s obituary - Dr.N.A.Mujumdar: ..... Alas! This institution seems to be in mortal danger. The Financial Sector Legislative Reforms Commission ( FSLRC), which submitted...


The finance ministry and FSLRC, it is by now clear that, in a hurry to resolve minor issues, ignored the evolution of the role of RBI and the care with which RBI has nurtured the financial sector. Various observations since made by present RBI Governor and the dissenting notes appended to the FSLRC Report itself are adequate proof (if proof was necessary!) to show that the report written by the Chairman of the FSLRC to satisfy some mysterious interests did not care to understand the Indian situation or the strength of RBI while doing the ‘cut and paste’ from the abundance of material placed before him. FSLRC depended on the experience of small countries whose history and geography are different or listened to experts from developed countries where central banking needs are totally different from those in India. Suffice to say that time is not right for dismantling or truncating the RBI which is doing creditably well as is being admitted in several international forums
M G WARRIER

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