Guidelines of wise men

Guidelines of wise men: The RBI had laid down comprehensive norms and guidelines to banks in 1975...




RBI’s counsel

This refers to R C Mody’s letter “Guidelines of wise men” (Business Standard, August 29). It is comforting to see that there are several veteran Ex-bankers who lived in an era during which corruption was not an essential ingredient of politics and business and institutions like RBI, Supreme Court, Election Commission and GOI existed separately and with people at the helm who were aware of the contours of their role and responsibilities, even if some of them could not get things done in the manner they would have loved to have them done. R C Mody is one among them and reading his response, one feels proud about his willingness to share his memories at an appropriate time.
Post-LPG (read post-1990), there's a blurring of boundaries in roles and responsibilities and responsible people who head organizations in both Public Sector (all governments included) and Private Sector can be selective in being honest and responsible.
There's an unwritten MoU among Political Leadership, Bureaucracy, Economists, Social Elite, Judiciary (both bar and bench) that in worst situations mutual help will be available.
Let us not build up too much expectations about honesty, eradication of corruption, administration of natural justice and so on, as, in  the liberalized
world dominated by social media, everything has a market-related, indexed
price. Still, people like R C Mody keep the torch of hope burning.
M G Warrier, Mumbai

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