One regulator too many? | Business Line

One regulator too many? | Business Line

June 25, 2014

Balanced response

This refers to the article “One
regulator too many?” by Ashok Upadhyay( June 25). This is a balanced analysis
of Dr Rajan’s June 17 observations on certain positions taken by the Financial
Sector Legislative Regulatory Commission(FSLRC). Initially, media had
sensationalised the focused views expressed by the RBI Governor in a short
address to an enlightened audience, where he had used a couple of sharp words
and strong examples to drive home the points he wanted to draw attention to.
These were, (i) FSLRC wandered beyond its brief, by trying to super-impose a ‘Tribunal’
over RBI, when adequate facilities for ‘appeal’ where absolutely needed, existed
and (ii) he was not comfortable with re-inventing regulatory architecture in
banking sector as the existing ones were not in disrepair.
It was obvious that the media
responses had not taken into account the content and context of Dr Rajan’s
speech in its real spirit. This article, in a way, makes up for this lag. Those
who are still in doubt, may visit
and read Dr Rajan’s speech once again.
M G Warrier, Mumbai


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