Public sector banks: Buck passing between RBI and Ministry of Finance
Public sector banks: Buck passing between RBI and Ministry of Finance: The main beneficiary of the RBI's contempt of the court's decision on RTI is PSBs, over which the RBI claims to have no control!
Where the buck stops?
This refers to the piece “PSBs: Buck passing between RBI and MoF” by Debashis Basu (Business Standard, Irrational Choice, March 19). I quote below the concluding portion of my article on corruption published in moneylife.in during September 2012:
“I am convinced that unless the people, who do not directly participate in the affairs of legislatures, executive and the judiciary, those in the media and those who are part of these three wings, but are silent spectators to the goings on, due to various compulsions, do not come together to oppose corrupt practices across government and public and private sector organizations, the present situation will get perpetuated. This is not an ill that can be cured by another institution like Lokpal or by debates in parliament.”
So, the buck stops at the doors of “WE THE PEOPLE”. The concluding paragraph of the article also points to the absence of pressure on those who have power and responsibility to prevent corrupt and unethical practices in governance to exercise the power with responsibility without fear or favor.
RBI Governor in his March 14, 2018, speech accepted responsibility and assured action to overhaul the system. On different occasions, previous RBI Governors also have aired discomfort about the dual control of PSBs. It is not even the GOI, but the lower level Babus in the Finance Ministry who feel that they ‘own’ the financial sector and create roadblocks in the smooth functioning of supervisory and regulatory bodies including RBI. We lost precious ten years because of the hijacking of the Financial Sector Legislative Reforms Commission (FSLRC) by vested interests. Earlier India understood the spirit of the concerns expressed by Dr Urjit Patel on March 14, the better for the country.
M G Warrier, Mumbai