RBI deputy guv appointment hits FinMin wall - The Smart Investor

RBI deputy guv appointment hits FinMin wall - The Smart Investor



GOI and RBI

The report “RBI deputy guv appointment hits FinMin wall”(BS, January 11/12) sends out disturbing signals. Not because the news is about finance ministry’s sitting on judgment over the decision of a duly constituted search committee headed by RBI Governor. The message becomes disturbing when one realises that even in such a relatively small issue, Finance Ministry and RBI under the new leadership are not able to sort out difference avoiding public debate. Transparency doesn’t mean that everything should be done openly.
It has to be said to the credit of GOI that, even if it was  in self-interest, generally, compared to other statutory bodies and PSUs, Reserve Bank of India has been getting a fair deal in selection and timely appointment of executives at Governor and Deputy Governors levels where appointment is the responsibility of GOI. When Dr Raghuram Rajan was appoited as Governor, this aspect was appreciated even by media, observing that the process of selection was transparent and all accepted that among the candidates considered, the most meritorious was selected.
The master-servant relationship which finance ministry has been enforcing on organisations ‘owned’ by GOI, had not so far impaired the reputation of RBI in the public eye, as RBI Governors have been giving priority to national interest. Disputes between GOI and RBI like the present one may force RBI to leave the apron strings of finance ministry to protect institutional prestige.

M G Warrier, Thiruvananthapuram
 


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