'FSLRC's assault on the RBI' | Business Standard News

'FSLRC's assault on the RBI' | Business Standard News


3, 2015
financial sector
This refers to T C A
Srinivasa-Raghavan’s review of “United Financial Code: Is India Ready” by S S
Tarapore (November 3). Let me answer the last question fist. People who have
been reading Tarapore’s column in The Hindu Business Line for the last many
years may have a difference of views with him, but will not allege that the
veteran economist is out of tune with the present predicament India finds
itself in.
FSLRC report written by a
Chairman of the Commission almost on dotted lines, disregarding dissent from
his colleagues within (see the dissenting notes) can at best form the basis for
further debate on financial sector reforms. Justice Srikrishna took on himself
the responsibility of dismantling every good-working organisation in the
financial sector, including RBI which has a legacy of excellence and
professionalism and rewriting statutes which at best needed amendments.
We are fortunate to have
the learned views of Tarapore (which he himself calls ‘maverick’!) on such a
vital issue like financial sector reforms in one place. If still policy makers
brush aside this book while taking the reforms agenda forward, it can be
perilous for the future growth of the country’s financial sector and economy in
G Warrier,


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