Heed the expert

No more slogans: With reference to the editorial, ‘Renewed friendship’ (Janaury 26), a deep, democratic ethos binds the Indo-French relations. That said, modern economic compulsions spawn trade blocs much more than political or defence

Heed the expert
This refers to Aarati Krishnan’s brilliant analysis in the book review, ‘Reforming financial reforms’ (Business Line, January 25). It brings together what Tarapore has been saying about the half-baked report of the FSLRC; the aggressive, single-handed efforts of Justice Srikrishna, brushing aside dissent expressed by his own colleagues; and the need to tread cautiously while dismantling the institutional structure which is presently handling the mandated responsibilities relating to regulation and supervision of the financial sector fairly well.
Whether inside the RBI, handling sensitive areas such as monetary policy or management of forex reserves, or as a regular columnist SS Tarapore drew one hundred per cent on his resources which comprised mainly knowledge derived from work experience and own research, to guide policymakers, always keeping the Indian context in view. He never tried to please the establishment. His suggestions and pleas were always prescriptions for healing the wounds suffered by the financial sector due to diversions taken by authorities to make compromises with stakeholders. Just think about the benefits the Indian economy would have derived had the RBI moved forward with the proposal he made in the early 1990s to establish a gold bank. Now, the Centre and the RBI are trying to learn ‘gold management’ from first principles.
MG Warrier


FINCOP said…
You are very right Mr. Warrier. Dr. Tarapore has been relentlessly arguing for rational interest rate structure for deposits, a gold bank, retaining the primacy of RBI as the financial regulator and undiluted attention on the customer service in banks etc., in his columns.

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