Jaitley meets PM over Rajan’s successor at RBI

Jaitley meets PM over Rajan’s successor at RBI: Finance Minister Arun Jaitley on Thursday held an hour-long discussion with Prime Minister Narendra Modi over the appointment of a new RBI Governor, a post that will fall vacant on September 4.
The...

RBI Governor

Apropos “Jaitley meets PM over Rajan's successor at RBI” (The Hindu, August 19), the reported quip from the FM that “We will let you know when we decide. You will come to know about the conclusion, not the process.” must have been adequate to shut the journalist’s mouth. But, now, from Ex-RBI Governor Duvvuri Subbarao’s book “Who Moved My Interest Rate?”, we know how hazily selection of RBI Governor is made! Dr Rakesh Mohan and Dr Subbarao were summoned separately to the then FM’s house same day and the person who was found more 'amenable' was selected.
There is a context for stakeholders outside GOI being vigilant about the selection process of the incumbent who will be RBI Governor after September 2, 2016. Right or wrong, a message has been sent out that Dr Raghuram Rajan who needed some more time to complete certain reform processes in the regulatory and supervisory environment in the financial sector, besides long-term structural changes, was being ‘eased out’ by using unethical means, like mounting of baseless allegations by a spokesperson of the ruling BJP. It is common knowledge now that Dr Rajan would have taken the ‘Swamys’ in his stride, if he had the assured support from PM and FM.
The eleventh hour hurry in finding out ‘suitable substitutes’ to fill in vacancies like that of RBI Governor does not augur well for a mature nation like India.

 M G Warrier, Mumbai



Comments

santhanam said…
Sir
As it APPEARS that Dr.Rajan has earned assured support from PM and FM he may be allowed to continue for another term for reforming the regulatory and supervisory environment.I do not know whether it will materialise. But it is my WISH.
J.Santhanakrishnan
M48 (EXRBITES)
August 19, 2016 at 2:29 AM
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 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

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