Improvement in RBI - Moneylife

Improvement in RBI - Moneylife





Online comments posted on April 22, 2014:

Copied below is my response to a report of September 15, 2010 in the
Economic Times. Being reproduced to draw attention to the fact that the focus
of this article is on an issue which has been neglected for years and a
meaningful debate at this juncture is most appropriate:
M G Warrier, Thiruvananthapuram
 
“This refers to the report ‘It’s
not over, RBI again writes to finmin on autonomy’ (ET, September 15). Of late,
the finance ministry has been having problems with almost all regulators. It is
not the other way round. Because of RBI’s premier position, the issues in which
the central bank is involved get media attention. The proposal to super-impose
a body to oversee the functioning or coordinate among various regulatory bodies
and give it a permanent and legal status had ab initio met with the response that government is finding an
alternate route to encroach on the autonomy of individual regulators.
Subsequent developments have only proved the initial fears right.

 The sound health of the financial sector can
be ensured only by allowing all regulators and supervisors in the sector
including RBI, SEBI and IRDA to feel the freedom to perform their mandated
responsibilities efficiently, within the statutory framework. Presently, their
well-intended policy initiatives and even administrative actions are being
pre-audited and guided by a Finance Ministry which itself is suffocating under
compulsions of coalition politics.

PM who knows the harm strained
relationships between regulators and FM can cause to the economy must
immediately intervene and try for a breakthrough. If the buck doesn’t stop
there, we will see more and more of controversies like the present one, capable
of destroying the gains made by the Indian economy, mostly during the period Dr
Manmohan Singh was in charge.”




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