Reforming financial reforms

Reforming financial reforms: SS Tarapore hits a raw nerve on the Big Bang changes in India’s finance sector

My VIEW:
January 25, 2016
Decoding UF Code
This refers to Aarati Krishnan’s brilliant analysis “Reforming financial reforms” (The Hindu Business Line, Book Review, January 25). For the discerning reader, the review brings in one place, the background of Tarapore to say what he has been saying about the half-baked report of the Financial Sector Legislative Reforms Commission’s(FSLRC) report, the aggressive efforts single-handedly made by Justice Srikrishna, brushing aside several dissents expressed by his own colleagues on FSLRC and the need for treading 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 RBI, handling sensitive work areas like monetary policy or management of forex reserves or as a regular columnist covering mainly policy-related issues concerning RBI, in The  Hindu Business Line (Maverick View), S S Tarapore drew hundred per cent of his resources which comprised mainly knowledge derived from work experience and own research, to guide policy makers, 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 financial sector due to diversions taken by authorities to make compromises with stakeholders.
Just think about the benefits Indian economy would have derived, if RBI was able to move forward with the proposal he made in early 1990’s to establish a Gold Bank. Now, GOI and RBI are trying to learn ‘gold management’ from first principles.

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