Letters: Selecting RBI governor

Letters: Selecting RBI governor: PM and FM should have the final say in the selection of incumbents to bodies like RBI...
Selecting RBI Governor*

This refers to the BS interview with Dr Duvvuri Subbarao (Business Standard, July 26). The book, for some time to come, will be a reference point for debates on relationship issues between GOI and RBI. No one can dispute that positions like those of RBI Governor cannot be filled by following selection processes followed by professional bodies like UPSC, if that is what ‘bureaucratic process’ means. But, though the quality of incumbents has not been compromised in selecting RBI Governor on 20 out of 23 occasions, the recent trend to keep them under pressure, either by extracting commitments while appointing or perennially harassing them by openly announcing ‘expectations from RBI’ is disturbing.
In his book, Subbarao has said, without making any specific observation to that effect, that Dr Rakesh Mohan whose name was floated as a possible successor of Y V Reddy was dropped after interviewing him, as Chidambaram was able to make an assessment that Dr Subbarao, being a seasoned civil servant, was more amenable to GOI discipline.
The main issue discussed in FM’s chat with Subbarao in the said interview, where Dr C Rangarajan also was present was further follow up of FSLRC recommendation on Monetary Policy Committee (MPC). PM and FM should have the final say in selection of incumbents to head statutory bodies like RBI. But, there is a felt need to expand the catchment area, to offer  more attractive remuneration packages for top positions in statutory bodies, PSUs including PSBs and make the minimum tenure 5 years.

 M G Warrier, Mumbai 
*Submitted version

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