Mint Road Vs North Block : Managing the regulator

Mint Road Vs North Block: A move to appoint a government official as a deputy governor in the RBI seems to be aimed at improving coordination between the regulator and the finance ministry...



Managing the regulator

This refers to “Mint Road Vs North Block” (Business Standard, Raisina Hill, May 28). A K Bhattacharya has hinted at filling up of the existing fourth vacancy of RBI Deputy Governor by a serving civil servant who is conversant with the working of the finance ministry and/or PMO and RBI to bridge the alleged gap between policy perceptions of GOI and RBI. Perhaps, many at Raisina Hill would have even identified the person the writer has in mind, though one is not sure whether he/she is a candidate competing in the selection process underway now to appoint the fourth RBI deputy governor.
Since September 2016, media has been more open in speculating about the frictions between Mint Road and North Block. It is no secret that since the days Y V Reddy was RBI governor, till the last monetary policy statement, the pre-monetary policy stances of finance minister or finance ministry spokespersons notwithstanding, GOI has been accepting the professional stance of India’s central bank on monetary policy issues.
The same cannot be said about financial sector regulatory issues or even HR-related issues within RBI in which GOI conveniently tries to use ‘ownership rights’ directly or indirectly which, sometimes embarrassed RBI’s top management.
As mentioned in the article, traditionally, as an abundant caution to balance various interests, GOI has been taking care to have at least one career bureaucrat with excellent financial sector track record and another career banker who had experience as CEO of a big commercial bank among the governor and his deputies in RBI. The suggestion that a civil servant-turned deputy governor is necessary for RBI to have meaningful policy interaction with GOI will take the debate to a different level, which is premature at this stage.
M G Warrier, Thiruvananthapuram  






Comments

Post a Comment

Popular posts from this blog

NAVAGRAHA STOTRAM

NAVAGRAHA STOTRAM* According to astrology, the positions of the nine planets in the twelve constellations of the zodiac and their movements are considered to be quite significant. The nine planets ‘Navagraha’ affect every aspect of human life. They play an important role in the activities, physical and mental health and life of any individual. The unfavorable positioning of any of these planets can be the cause of problems, bad health, and stagnation for many people. However, there is a solution to avoid the ill effects of the position and movement of the ‘Navagraha’ in our lives. Navagraha mantras (or stotram) are simple mantras which work as powerful healing tools to reduce the negative effects of any of the nine planets. These mantras are Hindu holy hymn addressing the nine planets. Benefits Of Navagraha Stotram And The Way to Practice The Navagraha Stotram is written b y Rishi Vyasa and is considered to be the peace mantra for the nine planets. They are powerful m
Read more

THE SUNSET OF THE CENTURY

*SUNSET OF THE CENTURY: Rabindranath Tagore THE LAST SUN OF THE CENTURY SETS AMIDST THE BLOOD-RED COLOURS OF THE WEST AND THE WHIRLWIND OF HATRED. THE NAKED PASSION OF SELF-LOVE OF NATIONS IN ITS DRUNKEN DELIRIUM OF GREED IS DANCING TO THE CLASH OF STEEL AND THE HOWLING VERSES OF VENGEANCE. THE HUNGRY SELF OF THE NATION SHALL BURST IN A VIOLENCE OF FURY FROM ITS OWNSHAMELESS FEEDING FOR IT HAS MADE THE WORLDITS FOOD, AND LICKING IT, CRUNCHING IT AND SWALLOWING IT IN BIG MORSELS, IT SWELLS AND SWELLS TILL IN THE MIDST OF ITS UNHOLY FEAST DESCENDS THE SUDDEN HEAVEN PIERCING ITS HEART OF GROSSNESS…   *Note: “The Sunset of the Century”, translated by the poet, from Naivedya; The English Writings of   Rabindranathtagore, Volume II,Delhi 1996, page 466. Quoted in his article ‘Critiquing nationalism’ by K Satchidanandan (Frontline, November 14, 2014). The article takes you to a much broader spectrum. HAPPY READING(READ MORE STAN
Read more

The King of Ragas: Sankarabharanam

                       The King of Ragas                      --------------------------     Long ago  serpents were put to lot of hardships.They  were afraid of other animals. They had to seek refuge in the hermitage of sage Saraba.The sage was a true devotee of Lord Shiva.He used to pray Shiva with melodious songs. As he sang a particular raga the snakes were much inspired and they began to dance,. Slowly the serpents became friendly with the sage. They brought water in their mouths for the pooja.They secreted  a special fluid in which the flowers got stuck to their bodies.The sage was much astonished by the service of the snakes.As the sarpas became very close to the sage ,they requested him to help having Darsan of Lord Siva. As requested by the sage Shiva appeared in the form of  a  Kapalika and stayed in the ashram.The music and dance of the snakes continued. The snakes rendered service to the kapalika as they considered him  a Shiva bhakta.Shiva was much pleased with t
Read more