Letters: RBI will move forward

Letters: RBI will move forward: Apropos Arup Roy's report, 'In his last policy, Rajan puts onus on banks' (August 10), as the Reserve Bank of India (RBI) released its latest Monetary Policy Statement, the media and even most analysts and bankers were looking for parting words from...


RBI will move forward
Apropos Arup Roy's report, "In his last policy, Rajan puts onus on banks" (August 10), as the Reserve Bank of India (RBI) released its latest Monetary Policy Statement, the media and even most analysts and bankers were looking for parting words from its outgoing governor. They didn't find any.

The document looked no different in presentation and content from its earlier editions in the last three years.

But there was one difference that went unnoticed.

Rajya Sabha member Subramanian Swamy might have alleged that Raghuram Rajan did not study economics at the undergraduate level. But from Day One on Mint Road, Rajan effectively put to use the management lessons he had picked up at IIM Ahmedabad and his international experience in monetary management, supplemented by expertise in teaching.

That Rajan referred to a slew of measures affecting the financial sector, which would be announced on August 25, during his post-policy interaction with the media on August 9 is proof enough that the next few weeks won't be spent in late-night farewell parties hosted by him or his colleagues at RBI.

It is no small task to lead from the front at the RBI, as Rajan has done. He has demystified the central bank's functioning and changed the way in which the institutional system in India's financial sector operates. The sector was playing a subservient role, for which scripts were being written by corporate and political leaderships, with implicit support from bureaucrats on North Block. The RBIwill definitely rise to the occasion and move forward.

M G Warrier

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