Reforming financial reforms

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

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


Popular posts from this blog


The King of Ragas: Sankarabharanam