Letters: No country for PSBs | Business Standard Letters

Letters: No country for PSBs | Business Standard Letters

Nice presentation by Business Standard. Copied below is submitted version and online comments:
This refers to the
article “A Swachh Financial Sector Abhiyan?”(IRRATIONAL VOICE, November 17).
The call for the cleansing of Indian Financial Sector has come at the right
time. One had started getting a feeling that, as has been the experience
earlier, India as a country was slowly returning to its slumber, finding
comfort in the promises from Modi on the repairs and maintenance of the basic
structure of India as a nation.
Though the Indian banking
system, more particularly public sector banks as a group, has been the target
of criticism for all ills in the financial sector. The previous finance
minister and spokespersons from the finance ministry had given an impression
that the Indian financial sector will be relieved of all ills by implementing
the commissioned report of the Financial Sector Legislative Reforms Commission.
This article exposes the weaknesses of FSLRC report and stresses the need for
viewing financial sector as one entity which manages public funds, irrespective
of source(the public funds include public savings in the form of bank deposits,
investments in various financial and non-financial instruments with non-bank
institutions including corporates and other bodies dependent on funds mobilised
from public).
The inadequacy of
regulatory apparatus and arrangement for resolution of grievances of depositors
and ‘borrowers’ outside the banking system is a serious issue brought out in
the article. Even if the government is keen to use the FSLRC report as the
starting point for reforms in the financial sector, a closer look at the issues
raised here(in the article) and changing the focus from destabilising existing
regulatory and supervisory mechanism(mainly represented by RBI) to sharpening
the tools used by its various limbs for improving  efficient functioning of financial sector
would bring back the lost credibility in governance.

M G Warrier, Mumbai  


 

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