WEEKEND LIGHTER: The Global ANALYST
WEEKEND
LIGHTER: The Global ANALYST
(May 20/21, 2017, No.21/2017)
Section III: Leisure:Aadityahrudayam
I
Cover Story
Clarity on RBI’s Role
This refers to the excerpts from BS
interview with Deepak Parekh captioned ‘RBI has to ensure NPAs are not swept
under the carpet’ (Business Standard, Q&A, May 16). The brief answers from
the veteran banker, to the pertinent questions raised by Joydeep Ghosh should
set at rest the apprehensions raised by economists and the analysts in the
media about the purport of the latest Ordinance amending the B R Act and the
role of RBI in the resolution of NPA crisis.
Post-Ordinance debates strayed away
from the main issue of managing stressed assets of the banking system and were
sometimes judgmental about the
modalities to be followed and the role of GOI and RBI in supporting the banks
to get out of a crisis created by policies which compromised prudent principles
for political and administrative expediency.
Deepak Pareekh has done a service to
the future of the Indian Financial System by making the following observations:
a) ‘It is a pointless debate over
whether banks are giving up their autonomy or whether the RBI or the government
will be micro-managing the situation….it is the job of the regulator to ensure
stability in the system.’
b) ‘With the benefit of hindsight, it (RBI
being aggressive on the asset quality review) was the right decision as the AQR
brought out the extent of toxic assets in the system. Where the central bank
needs to firmly stand its ground is putting an end to the practice of sweeping
NPAs under carpet. This, above all, is an issue of governance.’
These days, sane advice on policy,
which are not guided by constituency interests, is a rarity. This interview proves that there is still
scope for hope and there will be appreciation from those who understand things,
if policy makers and regulators move in the right direction.
M G Warrier,
Thiruvananthapuram
Excerpts from an online comment:
Since
independence, RBI has been performing several roles which are not assigned to
Central Banks elsewhere in the world. The present Ordinance at best will serve
to tell the stakeholders that GOI and RBI are on the same page. RBI Act
together with the pre-ordinance B R Act confer enough powers on RBI to regulate
and supervise Banking System. Problems, including the present one relating to
stressed assets emanated from back-seat driving by Finance Ministry using
"ownership rights" both that of RBI and PSBs. Trespass into internal
functioning including credit decisions and HR issues by finance ministry during
the 10 years ending FY 2014 has done irreparable damage to the functioning of
RBI and PSBs. Unusual situations call for unusual policy decisions. Ordinance
should be seen in this perspective.”
M G Warrier
II
The Global ANALYST
The Global ANALYST published my article on Financial Inclusion,
captioned “Surmounting the Insurmountable” in the Magazine’s second issue after
launch (Volume 1/Number 2, December 2012). The article was written on invitation.
Originally conceived and published from Hyderabad by a team of young media
enthusiasts including D Nagavender Rao, N Janardhan Rao and Amit Singh Sisodia,
The Global ANALYST is now published by IUP Publications A division of the ICFAI
Society) with GRK Murty as Managing Editor.
So far, The Global ANALYST has published over 40 articles
contributed by me.
M G Warrier
III
AADITYAHRUDAYAM*
Rishi Agasthya gave this potent
Mantra(Aadityahrudayam) to Lord Rama when he
was perplexed, while fighting with Ravana. Only after chanting this Hymn
three times Rama could Ravana.
Adityahrudayam glorifies Sun or Surya and is
a mystical hymn directed to the Sun God, the illustrious lord of
all victories.
Aditytahrudayam Hymn is part of the Yuddha
Kanda of Valmiki Ramayana ( Chapter on War) and contains 31 slokas.
*******************
*Source:
A response from my friend Shri P P Ramachandran to a mail giving link to
Sanskrit Text and English meaning of the hymn.
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