Warrier's blog

http://m.thehindubusinessline.com/opinion/books/excerpts-from-kingshuk-nags-book-on-vijay-mallya/article9794157.ece Mallya Story Book'ed! M G Warrier

http://www.thehindu.com/todays-paper/tp-opinion/the-reserve-bank-is-off-target/article19398995.ece The Resreve Bank is off the target: Pulapre Balakrishnan This article published in The Hindu on August 1, 2017 raises certain basic issues relating to RBI's role in Monetary Policy management. Copied below is my article on the same subject published in July 2015 issue of The Global ANALYST. Perceptions differ.  M G Warrier Monetary Policy Management : RBI Takes Control* M G Warrier “If I cut interest rates, it means I want to please the government. If I don’t cut interest rates, it is because I want to have a fight with the government. Make up your mind.” RBI Governor RBI Governor Dr Raghuram G Rajan is an excellent communicator. He never minces words while expressing his views on matters he considers relevant to India’s economic growth and financial health. Celebrated economists and analysts are slowly reconciling to the fact that the present RBI Governo

http://www.moneylife.in/ article/cas-and-industry-have- got-the-modi-message-who-next/ 51201.html Prime Minister Modi's Message: Moneylife Posted online comments M G Warrier

http://www.thehindu.com/business/Economy/regulator-turns-up-heat-on-erring-cas/article19391897.ece Erring CAs This refers to the report “Regulator turns up heat on erring CAs” (The Hindu, July 31). This is one more disturbing signal bringing to public glare the depth of the malignancy of unethical and corrupt practices eating into the country’s economic system. The action initiated shows that Prime Minister Modi’s concern is not limited to the three aspects of corruption (unaccounted money, terrorism and forged currency) he mentioned in his November 8, 2016 speech but there is a willingness on the part of GOI to challenge corrupt practices in any walk of life. The clarion call to come together to eradicate filth, poverty, corruption, terrorism, casteism and communalism contained in Modi’s Mann Ki Baat on July 30, 2017 should be seen in this context. Reserve Bank of India (RBI), through a circular dated July 27, 2017 has raised the ‘rest’ period for statutory central auditor

Self- regulation is key : Regulatory oversight alone cannot ensure best practices of governance in organisations... Self regulation is the key With reference to Anup Roy’s report, “Reserve Bank extends ‘rest’ period for auditors to 6 years” (July 28), the grounds on which this decision was taken are justified. They are also suggestive of the unethical practices being followed by professionals and banks alike. Regulatory oversight alone cannot ensure best practices of governance in organisations that manage huge resources, including public funds. Diminishing public trust in professionals is a matter of worry not only for the government or regulators, but also for the citizen and taxpayer. Even the possibility of lateral movement of individuals from one  chartered accounting   (CA) firm to another can reduce the impact of forced “rest” periods.  The only option is self-regulation   by professional bodies. The institute of CAs, the Reserve Bank of India and banks should expose

http://wap.business-standard. com/article/economy-policy/ rbi-not-the-only-central-bank- to-get-inflation-forecast- wrong-rakesh-mohan- 117073000203_1.html Rakesh Mohan speaks about the new book edited by him and more... M G Warrier

  https://www.google.co.in/amp/ www.thehindu.com/opinion/open- page/growing-up-with-two-new- arrivals/article19386205.ece/ amp/#ampshare=http://www. thehindu.com/opinion/open- page/growing-up-with-two-new- arrivals/article19386205.ece Amazing memory... Excellent presentation... M G Warrier

http://www.moneylife.in/ article/consolidation- convergence-and-competition- of-banks-in-india/51196.html Posted online comments: I am not sure what exactly this article is aiming at. Reorganization and restructuring of the banking system should not be put on hold anymore. We never needed this many public sector banks post-nationalisation. For political and bureaucratic reasons reorganization (call it merger/closure/amalgamation) was put on hold and the blame was transferred to “objections from trade unions/employees. Reports indicate that SBI-Associates merger has been successful and benefits will be visible within a couple of years. Merger is not about reducing business or geographical spread. It is about better use of resources, professionalization and provision of better services by using surplus manpower and other resources to unbanked/under-banked  have areas. RRBs too have experimented with mergers and from 196, their number today has come down to two digits, with no r

CAG punches holes in recapitalisation of PSBs : Raises doubts on banks being able to raise ₹1.10 lakh crore from market by 2019... Posted online comments: The narrative gives enough ammunition for a heated debate in parliament before which the CAG report has been placed. But, in the absence of  any evidence to show that there was coordination or adequate interaction among the three agencies, namely CAG, RBI and GOI (concerned Ministry) before finalizing the audit comments, even the parliamentary debate will get diverted from the main issues. Perhaps, CAG too is slipping back into the old ‘post mortem’ days from the ‘Performance’ and ‘Concurrent’ audit concepts evolved during the last decade. M G Warrier , Mumbai WB: 3004

https://www.google.co.in/amp/wap.business-standard.com/article-amp/opinion/letters-demonetisation-gain-117070301375_1.html#ampshare=http://www.business-standard.com/article/opinion/letters-demonetisation-gain-117070301375_1.html This letter was published in Business Standard on July 3/4, 2017 M G Warrier

WEEKEND LIGHTER: Review Pension System (A weekly recap of Blog Posts and responses in the media by M G Warrier, posted at the weekend @www.warriersblog.com) July 28, 2017 Section IV: Essence of Karma Yoga Flash: This Blog crosses 1,11,111 pageviews on August 4/5, 2017 I COVER STORY Review Indian Pension System Ramanath Nakhate’s letter captioned “United fight for pension” (Business Standard, July 24) gives deep insight into the plight of a section of pensioners who retired from some public sector institutions. The reasons for GOI and organizations like LIC, RBI and PSBs in which pension schemes had been introduced during 1990’s lending a deaf ear to genuine demands for pension revision may be different from those being shared in public. To understand that, one may have to first have a look at the present status of pension scheme applicable to central government employees. By an executive order issued in December 2003, GOI successfully divided central government e

Reserve Bank extends 'rest' period for auditors to 6 years - The Smart Investor : Market News from one of the most comprehensive financial news networks in India, it provides daily insight of the stock market, industry news, business news, economy news, loans... “Rest” and trust This refers toAnup Roy’s report “Reserve Bank extends ‘rest’ period for auditors to 6 years”(Business Standard, July 28). The grounds for longer rest period for statutory central auditors(SCAs) of banks given in RBI circular dated July 27, 2017 more than justifies the enhancement of rest period for  SCAs from two years prevailing since 2001 to six years. They are also suggestive of unethical practices being followed by professionals and banks in tandem. Let us concede that regulatory oversight alone cannot ensure best practices of governance in organizations which manage huge resources including public funds. And diminishing public trust in professionals is a matter for worry not only for the

http://www.thehindu.com/todays-paper/tp-national/the-dr-is-in-or-is-it/article19374288.ece Allopaths finding own identity to protect their practice from "crosspaths"! M G Warrier

http://wap.business-standard.com/article/current-affairs/lok-sabha-passes-bill-to-amend-companies-act-to-boost-corporate-governance-117072701555_1.html Welcome amendments M G Warrier

http://www.thehindu.com/society/faith/faith-column-jamadagni-speaks-on-the-essence-of-karma-yoga/article19365340.ece Karma Yoga simplified! M G Warrier

Looking forward These days, this Blog, on an average gets 150 pageviews daily. So far about 1,10,000 pageviews since inception and average 4,000 pageviews a month during 2016-17. For a retiree with over 13 years of retired life behind, these are comfortable numbers. I thank my friends and those who read my Blogs, without knowing me personally. Many know me from my writings only. My editors and publishers included. A big thank you for all. M G Warrier

Last resort shouldn't turn into first choice : The new Insolvency and Bankruptcy Code has serious drawbacks... Reinventing the wheel? This refers to Somasekhar Sundaresan’s article “Last resort shouldn’t turn into first choice” (Without Contempt, July 27). Closely following filing of a petition in the Gujarat High Court by Essar opposing insolvency proceedings initiated by banks, media and analysts became more liberal in expressing views that were not much supportive of the current efforts of GOI and RBI to use the new instrument of Insolvency and Bankruptcy Code to handle Banking System’s stressed assets. Let us not forget that NCLT was not conceived as a magic solution for NPAs, but was meant to strengthen the existing mechanisms to supervise and monitor banking business. All the existing arrangements including appraisal of prospective borrowers, online monitoring of projects financed and efforts for timely recovery will, hopefully, continue with more vigour and professio

http://www.thehindu.com/books/voices-first-and-last/article19325845.ece

http://www.thehindu.com/opinion/open-page/looking-for-that-silver-lining/article19194039.ece To dye...Or not to dye... A frightening silver lining? M G Warrier

Krishna for Today: New forever #krishnafortoday  : New forever #krishnafortoday

An avoidable change : There is little to gain from resetting the fiscal year... This change can wait. There is no immediate benefit in unsettling the existing arrangement. Really, there are advantages in retaining the Calendar Year, Fiscal Year and RBI's accounting Year (July-June) untouched. M G Warrier

Now, everyone will agree to a realistic valuation: S S Mundra : The RBI Deputy Governor will demit the office on July 31... RBI’s role in Insolvency Resolution This refers to the RBI deputy governor’s observations during the interview given to Business Standard and Shyamal Majumdar’s piece “Essar case: RBI wins but bruises remain” (Powerpoint, July 26)*. One feels that the institutional mind of India’s central bank is more graceful and mature when media, judiciary and a host of ‘victims’ affected by the performance of mandated role by RBI comes out in public, with what can be perceived as genuine criticism to scathing attack. S S Mundra’s observation ‘the wording was an ‘innocent oversight’ should satisfy those who are still up in arms against RBI. Long monotonous arguments in the court rooms and a compulsion to write long judgments makes the bench occasionally stray away to make comments in ‘jest’ during hearings or include loosely hanging observations in decrees which are lat

Essar case: RBI wins but bruises remain : The Gujarat HC's decision to dismiss Essar Steel's petition came as a huge relief to RBI... RBI’s role in Insolvency Resolution This refers to the RBI deputy governor’s observations during the interview given to Business Standard and Shyamal Majumdar’s piece “Essar case: RBI wins but bruises remain” (Powerpoint, July 26). One feels that the institutional mind of India’s central bank is more graceful and mature when media, judiciary and a host of ‘victims’ affected by the performance of mandated role by RBI comes out in public, with what can be perceived as genuine criticism to scathing attack. S S Mundra’s observation ‘the wording was an ‘innocent oversight’ should satisfy those who are still up in arms against RBI. Long monotonous arguments in the court rooms and a compulsion to write long judgments makes the bench occasionally stray away to make comments in ‘jest’ during hearings or include loosely hanging observations

http://www.thehindu.com/opinion/open-page/ A surprise gift... Find out using the above link... M G Warrier

Blighted by a neoliberal vision : A rebel economist shows how the discipline lacks both compassion and a sense of responsibility... Excerpts from the book review: " Raworth brings out in detail how by ‘putting blind faith in markets – while ignoring the living world, society and the runaway power of banks’ -- neo liberalism has taken ‘us to the brink of ecological, social and financial collapse.’ ‘It is time’ , she announces, ‘for the neoliberal show to leave the stage,’ with a new century demanding a different kind of economics, ‘better suited to our times.’ Raworth has a chapter for each of the seven aspects she believes should be at the heart of the transition from neoliberalism to a new economic paradigm, among them, adopting her Doughnut model that moves the focus from the need for economies to grow even if they do not thrive, to one that makes it thrive whether or not they grow. She also expects her model to help see the big picture of an economy, respect the Earth and nurtu

http://googleweblight.com/i?u= http://www.thehindu.com/ opinion/op-ed/and-now-for-the- memoirs/article19347014.ece& grqid=bCfObMma&hl=en-IN Korron's take on Pronob M G Warrier

  http://googleweblight.com/i?u= http://wap.business-standard. com/article/opinion/letters- review-pension-system- 117072401611_1.html&grqid= RsIVk4X_&hl=en-IN Business Standard, Letters, July 25, 2017 Review Pension System Ramanath Nakhate’s letter captioned “United fight for pension” (July 24) gives deep insight into the plight of a section of pensioners who retired from some public sector institutions. The reasons for GOI and organizations like LIC, RBI and PSBs in which pension schemes had been introduced during 1990’s lending a deaf ear to genuine demands for pension revision may be different from those being shared in public. To understand that, one may have to first have a look at the present status of pension scheme applicable to central government employees. By an executive order issued in December 2003, GOI successfully divided central government employees into three classes for the purpose of pension benefits: (i)                           Employees w