Needed, more deliberation - The Hindu

Needed, more deliberation - The Hindu



Not much research is needed to conclude that finance ministry and FSLRC, in a hurry
to resolve certain minor issues, ignored the evolution of the role of RBI and
the care with which RBI has nurtured the financial sector. Fed Reserve and RBI
function in two different worlds. To say that time is not right for dismantling
or truncating the RBI which is doing creditably well as has been admitted in
several international forums, would be telling the obvious. 
The dissenting notes recorded by 4 out of 7 members who signed the final report are
well-argued documents, which inter alia plead the case for maintaining the
basic features of RBI and assert the need for allowing the central bank to
carry on with its present mandates. One wonders what motivated the FSLRC
Chairman to finalize the report ignoring the difference of views expressed
especially by K J Udeshi, P J Nayak and Y H Malegam. 
It would appear that the Commission did not get opportunity to understand the
present relationship between the RBI and GOI. The regulatory apparatus plus
legislations in financial sector in India are in working condition. It has to
be admitted that till Dr Rajan’s emergence as an acceptable leader of the
Indian financial sector, the FSLRC’s effort to re-invent the institutional
structure of regulatory bodies had pushed the regulators and supervisors with
the exception of RBI to a confused state, making the possibility of an intelligent
debate on the issue remote. 
The idea of creating a Unified Financial Agency for all financial regulators except
RBI, truncating RBI by separating Public debt Management and keeping the agency
doing that work (presumably with the same work force) in RBI premises, later
UFA subsuming even RBI, all give a feeling that the FSLRC was not allowed to
‘apply its intelligent mind’ and in the eagerness to satisfy all, and so fast,
it had forgotten its own original brief. Perhaps, the purpose would be served
better, if RBI is allowed to function with its present mandate, a coordination
committee sorts out issues among the remaining regulators. If GOI aim is to
reduce the number of regulators, after necessary groundwork, merger of the
regulatory agencies outside RBI one by one, as work stabilizes could be thought
of. The twin goals of one Unified Financial Agency and managing the
man-power-related issues that may arise with merger here could be better
handled this way.
M G Warrier

Comments

Post a Comment

Popular posts from this blog

NAVAGRAHA STOTRAM

NAVAGRAHA STOTRAM* According to astrology, the positions of the nine planets in the twelve constellations of the zodiac and their movements are considered to be quite significant. The nine planets ‘Navagraha’ affect every aspect of human life. They play an important role in the activities, physical and mental health and life of any individual. The unfavorable positioning of any of these planets can be the cause of problems, bad health, and stagnation for many people. However, there is a solution to avoid the ill effects of the position and movement of the ‘Navagraha’ in our lives. Navagraha mantras (or stotram) are simple mantras which work as powerful healing tools to reduce the negative effects of any of the nine planets. These mantras are Hindu holy hymn addressing the nine planets. Benefits Of Navagraha Stotram And The Way to Practice The Navagraha Stotram is written b y Rishi Vyasa and is considered to be the peace mantra for the nine planets. They are powerful m
Read more

THE SUNSET OF THE CENTURY

*SUNSET OF THE CENTURY: Rabindranath Tagore THE LAST SUN OF THE CENTURY SETS AMIDST THE BLOOD-RED COLOURS OF THE WEST AND THE WHIRLWIND OF HATRED. THE NAKED PASSION OF SELF-LOVE OF NATIONS IN ITS DRUNKEN DELIRIUM OF GREED IS DANCING TO THE CLASH OF STEEL AND THE HOWLING VERSES OF VENGEANCE. THE HUNGRY SELF OF THE NATION SHALL BURST IN A VIOLENCE OF FURY FROM ITS OWNSHAMELESS FEEDING FOR IT HAS MADE THE WORLDITS FOOD, AND LICKING IT, CRUNCHING IT AND SWALLOWING IT IN BIG MORSELS, IT SWELLS AND SWELLS TILL IN THE MIDST OF ITS UNHOLY FEAST DESCENDS THE SUDDEN HEAVEN PIERCING ITS HEART OF GROSSNESS…   *Note: “The Sunset of the Century”, translated by the poet, from Naivedya; The English Writings of   Rabindranathtagore, Volume II,Delhi 1996, page 466. Quoted in his article ‘Critiquing nationalism’ by K Satchidanandan (Frontline, November 14, 2014). The article takes you to a much broader spectrum. HAPPY READING(READ MORE STAN
Read more

The King of Ragas: Sankarabharanam

                       The King of Ragas                      --------------------------     Long ago  serpents were put to lot of hardships.They  were afraid of other animals. They had to seek refuge in the hermitage of sage Saraba.The sage was a true devotee of Lord Shiva.He used to pray Shiva with melodious songs. As he sang a particular raga the snakes were much inspired and they began to dance,. Slowly the serpents became friendly with the sage. They brought water in their mouths for the pooja.They secreted  a special fluid in which the flowers got stuck to their bodies.The sage was much astonished by the service of the snakes.As the sarpas became very close to the sage ,they requested him to help having Darsan of Lord Siva. As requested by the sage Shiva appeared in the form of  a  Kapalika and stayed in the ashram.The music and dance of the snakes continued. The snakes rendered service to the kapalika as they considered him  a Shiva bhakta.Shiva was much pleased with t
Read more