Well Done, RBI : Professional handling of a delicate situation

Well Done, RBI

For the last one month, the name of India's central bank was the single 3 letters used for the maximum number of times in print, electronic and social media. For all the wrong reasons. Like:
1) An assumed threat of Centre invoking Section 7 of RBI Act to discipline RBI
2) The possibility of Governor Urjit Patel and some of his 4 deputies resigning, if (1) materialized
3) Differences in policy perceptions (some real and some assumed) between GOI and RBI
The RBI central board meeting became the talk of the town in the above context. The speculations continued until the release of a press statement after concluding the meeting, late in the evening on November 19, 2018.
RBI handled the challenge professionally.
Well Done, RBI!
Raghuvir Srinivasan (The Hindu, November 20) has summed up the episode excellently well. I quote:
“The Reserve Bank of India seems to have carried the day, after all, in Monday’s Marathon 9-hour meeting.
Going by the brief statement that it put out, of the six deliveries that it had to play, the RBI has shouldered arms to two — PCA relaxation and capital framework which have been referred for expert study; deftly glanced two more — on liquidity for NBFCs and governance of the central bank — to the next board meeting, and effectively fended off the last two bouncers on capital norms and MSME borrowings. 
Interestingly, of the two issues on which the RBI has seemingly conceded, the concessions are minimal and appear mainly designed for optics so that the government can have something to take back to Delhi from Mumbai.
The deferment by a year for a part of the additional capital framework is a small giveaway in the face of the Centre’s demand for relaxation of the capital ratio itself.
Similarly, the MSME credit recast concession is not a big one considering the demand from the Centre was for easier NPA norms for the sector and more credit flow.
Finally, after all the pre-match sledding, the game seems to have gone off smoothly with both sides playing responsibly”.
M G Warrier, Thiruvananthapuram
November 20, 2018

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 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

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