RBI governor: Wizard of Communication

RBI governor: Wizard of Communication

Online comments posted at VITALINFO on November 18, 2013:



Transparency in communication has received a boost in RBI during this decade. Dr Subbarao also believed in transparency in policy decisions and their implementation. Dr Rajan has the added advantage of being known for being fearless and fair while taking positions which he considered right. Some indications are available in the cover story featuring him in current Business Today(November 24: His Own Man), for those who have not read his book Fault Lines. But his being transparent or forthright alone cannot save Indian Financial Sector. The clear messages RBI Governor gives have to be received in right spirit and acted upon in Delhi. Unfortunately, there are no positive signals yet. The initiative taken by RBI to create a rough inventory of domestic gold stock did not get the needed support. Exploiting domestic gold stock, making part of it ‘standard’ and creating a buffer stock of tradeable gold will go a long way in resolving India’s present forex and CAD-related problems.
 M G WARRIER
 

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