Janmejaya Sinha: An agenda for the new RBI governor

Janmejaya Sinha: An agenda for the new RBI governor: Three things need Patel's attention: cleaning up bank balance sheets, evaluating robustness of CPI and pushing for digitisation in financial services...
Rajan II
This refers to the article “An agenda for the new RBI governor” (Business Standard, August 24). Days before appointment of Urjit Patel as RBI’s 24th Governor, Finance Minister Arun Jaitley had told media persons that they should not be inquisitive about the process of selection to the governor’s post and they would come to know when a decision was taken. He was, indirectly making the point that we are yet to put in place transparent processes and procedures for selecting candidates for top-most positions and if most of the time we get the right persons for the
right posts, that could be attributed to the good luck of the country. While deciding on the appointment of the present SBI Chairperson also something similar happened about the ‘processes’ of selection.

Now that there is certainty about a smooth ‘change of guard’ at Mint Road, which will also ensure continuity of policy stances of the central bank, many are inventing new
directions in which RBI should move from September second week. But suggestions
like the ones made in this article like cleansing bank balance sheets, being pragmatic in evaluating CPI numbers or moving faster in adoption of technological innovations may not make the new governor wiser.
The elevation of the senior-most Deputy Governor in whom the outgoing governor had so much of confidence and with whom Team RBI loved to work, has several advantages which need not be listed. The icing is there is no need to wait for the next Monetary Policy or the new governor’s first media interaction for the world to know Urjit Patel’s mind. Except for the added serenity and grace the person will derive when he enters the sanctum sanctorum of India’s central bank, Urjit Patel may be Rajan II for all practical purposes as far as the stakeholders are concerned.

M G Warrier, Mumbai 

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