His Master’s Voice?: Reserve Bank of India should respond
His Master’s Voice?: The RBI should stop toeing the Government’s line...
Reserve Bank of India should respond
Apropos “His Master’s Voice?”(The Hindu Business Line, Views Room, April 5), Government, institutions and individuals need to be seen to be honest and transparent in the conduct of their "business". More than any time in the past, this is necessary today because, misinformation can spread much faster their today through social media. People have become addicted to negative sensational stories which, of late are being used even by reputed media houses to remain ‘popular’.
Post-Demonetization, an Economists-sponsored propaganda that lakhs of crores worth SBNs will not get deposited back to banking system, making GOI richer has been unleashed by vested interests. Even official documents like the Economic Survey 2016-17 doled out presumptive figures and ‘proposals’, giving credibility of sorts to the gossips. In such situations, RBI could have come out and clarified issues, as was being done when Dr Raghuram Rajan was Governor.
Having said that, RBI has never been secretive about Bank's or GOI's assets and liabilities figures. All the speculations to the contrary will come to an end when RBI Accounts for the current year are published in August 2017. Meanwhile, it is in nation’s interest not to belittle RBI through media gossips, just because the present Governor and his Deputies are not media-addicts.
M G Warrier, Mumbai