NURTURED BONHOMIE

Nurtured bonhomie
This refers to the report “Finmin Steps Up Ties with RBI as Bonhomie Grows” (ET, October 23). A reading of the History of RBI Volume I will convince the reader that the nurturing of an excellent relationship between GOI and RBI has been an ongoing process all through the evolution of the idea of a central bank for India and both GOI and RBI have maintained the relationship unhurt, despite occasional provocations from either side.
By and large, RBI has been lucky in having a mature leadership all along and GOI has been particularly careful in ensuring continuity and professionalism at the top within the central bank. The present effort to fill the vacancies in the RBI central board(out of 17 directors, the term of six has already expired, according to media reports) with the best talent available in India and removing any doubt about the ‘downgrading’ of nominee/s from the finance ministry need be seen as an expression of GOI intention not to disturb the equilibrium between fiscal and monetary policies and to respect the institution for continuing its good work in supporting economic growth.
M G WARRIER, Mumbai 

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