Warrier's Collage April 11, 2022

Welcome To Warrier's COLLAGE On MONDAY April 11, 2022 1) NamaRamayana : M S Amma's Voice https://youtu.be/ND3iE5PQU0M (Link Courtesy : Mohan Krishnan Thiruvananthapuram) 2) CHAITANYASANA (Earlier known as Shavasana) https://youtu.be/fvKAl4IGOLY Good Morning Today P P Ramachandran's review of my book Restoring TRUST in Governance and select responses have been included in Collage. As the review has been shared in RBI Retirees groups and with PPR's contacts, for some of you, this will be repeat. My heartfelt thanks to all encouraging words expressed while responding to the review. One or two readers mentioned in private about the time lag between publication and formal release of the book. I've explained to them. Nice Day M G Warrier V Rangarajan shared this thought : "Everything will work out in the end. You don't need to know how. You just have to Trust that it will." Collage Special Feature Book Review By P P Ramachandran Mumbai Review of the book " Restoring Trust In Governance" by M G Warrier This is my 78th review of books connected with R B I or written by a Bank Executive since the RBI's Platinum Jubilee--75 years. Warrier was my valued colleague in RBI for a number of years. P P Ramachandran 10/04/2022. **************************** "Restoring Trust in Governance : India's 2020's Challenge" by M G Warrier; Published by Notion Press; Pages 218; Price Rs 349- ******************** The author of the book under review, Shri M G Warrier had a distinguished service of over thirty years in the RBI and was a General Manager when he laid down office. The RBI is the fountainhead of knowledge and can claim to have produced intellectuals of the highest quality and outstanding books in the fields of economics, banking and finance. To name a few we have the works of Drs V V Bhatt, A G Chandavarkar, Deena Khatkhate and S S Tarapore. It is a matter of joy that Shri Warrier is continuing the high tradition of these scholars with his three books. Warrier has a clear grasp of the diverse functions of the country's Central Bank and he has used this knowledge in his books and forays in the world of economic journalism. He has won acclaim for his perceptive articles in The Global Analyst, Business Line and other journals. He is the author of the book “Banking, Reforms & Corruption, which won acclaim from the banking community. His second book is a critical study entitled “India's Decade of Reforms". Warrier's writings have become noted for profundity of thought, clarity of expression and total conviction. After reading his latest book I believe that what I wrote on him is worth recalling. What was written about J M Keynes in the introduction to Cambridge Economic Handbooks is applicable in full measure to Warrier. "Keynes had the uncanny knack of striking at the root of any problem, ability to remove the needless appendages and present the quintessence of any problem." The book under review“Restoring Trust in Governance” discusses latest initiatives of both Government of India and RBI aimed at taking forward financial sector reforms with economic growth and infusing professionalism in governance and the institutional system in the financial sector. The book is neatly divided into three distinct Sections . There are 25 chapters and 22 appendices. The first part on Development issues cover Agenda for Modi 2.0 as also aspects of Universal Basic Minimum Income and the relevance of NYAY—pros and cons of privatising public sector and India's approach towards gold management. On Gold ,Warrier is of the view that concrete measures should be initiated for putting a substantial part of the domestic gold stock to productive use. This will reduce the country's gold import bill. According to him the R B I and G O I could consider deficit financing for procurement of gold. Warrier tackles issues calling for prioritisation. H R issues in the financial sector demand an All India Financial Sector Service similar to the Indian Civil Service or the Tata Administrative Service with inter-mobility among Finance Ministries. Warrier warmly commends the book “What The Economy Needs Now” by Abhijit Banerjee, Raghuram Rajan and others as the book offers solutions to several tough problems faced by us. Discussing the issue of NYAY, Warrier points out that simmering discontent in the workforce emanating from the feeling that there is exploitation by the users of services affect productivity and has long term negative impact on economic growth. In this context Universal Basic Income became one of the themes of the Economic Survey–2016—2017. It turned into an effort to pursue the spirit of the Directive Principles of State policy and make the Budget a tool for ensuring distributive justice. According to Warrier, Universal Basic Income (UBI) should not be treated as a means of "unemployment dole" or an add-on to, rather than replacement of current anti-poverty and social programmes. The author makes a stirring call for revisiting the Prices, Wages and Incomes policies. There is also a crying need for overhauling the policy in respect of privatising the public sector. PSBs must brought on par with the best among the world class commercial banks The second part of the book is dedicated to“Banking for Growth”and covers RBI's role in confidence boosting since the advent of the Monetary Policy Committee. RBI provided various forms of financial support including flow of credit to the most deserving segments of the economy. RBI is moving forward on policy front and promptly initiating regulatory and supervisory measures in building trust. It also analyses in-depth the need for a strong Central Bank and issues connected with the relationship of RBI and GOI. The impact of changes in RBI's policy rates on the financial markets is also carefully analysed. Pointed attention is drawn to the imperative need to ensure continuity at the Top in RBI. Abnormal short terms of top executives of RBI does affect the efficient and smooth functioning of RBI. This was observed during the beginning of the last decade . Two chapters are dedicated to the challenges faced by the RBI. Social control and nationalisation of bigger banks gave an impression that banks are another arm of the government to implement welfare measures. This hurdle has been crossed and RBI has woken up to the task of infusing order into the institutional system in the financial sector. RBI has become more active in deploying all weapons of monetary policy management in its armoury more judicially and on an ongoing basis. The concluding Section is a detailed study of the steps taken to professionalise and lend strength to the financial sector with a focus on regulation and supervision of the banking system. There are a huge number of Annexures(22) which provide a wealth of data on several banking parameters and contribute to make the text more meaningful. This is a very valuable addition to the literature on Banking in India and is absolutely essential reading for all students of economics, banking, finance and central banking policies. P P Ramachandran. 10/04/2022. A Responses 1) Duvvuri Subbarao, Former RBI Governor Thank you Shri Ramachandran for a very interesting review of Shri Warrier's book. I've read parts of this book in print and online, but seeing them all together has its own instructional value. As someone said to me, 'You should never ever make a statement that a reasonable person cannot disagree with'. I think this book passes that test eminently. Shri Warrier has been prolific and substantive. I wish him many many happy years of thinking and writing, and I wish you many many happy years of reading and reviewing. Best regards Subba 2) Vathsala Jayaraman Chennai Wonderful review elaborating on all aspects of the book. One more feather to the caps of both Shri Warrier and Shri PPR, the two well-wishers of RBI. Congrats to both. Vathsala Jayaraman 3) V R Chittanandam Chennai Dear PPR Very good analytical review of Shri Warrier's Book. Warrier is known for his penetrative knowledge going deep into any subject and he has mastered the art of telling the bitter truths without hurting anyone. His c comments have always a tinge of mild humor. I enjoyed reading your Review. Thanks. Chittanandam 4) S R Badrinarayanan A detailed review of M G Warrier's book, "Restoring Trust in Governance" by Sri PPR provides a guide map for the reader on the complex issues dealt in a lucid fashion through the understanding and analytical skills of the writer who had spent decades in dealing the issues hands on. The book, as seen from the review of Sri PPR is bound to attract and arrest the attention of the persons concerned. Let the writer be ready for a recall by his monolithic ex-employer! Thanks PPR Sir. And, congrats M G Warrier. Badrinarayanan 5) S K Gupta This book speaks volumes about the inherent talent and in depth analytical prowess of Shri Warrier Sir, when it comes to Central banking functioning vis-a-vis govt of the day. It also talks about the desirability, on the part of the centre, to keep trusting the acumenship and wisdom of the RBI too. However, it is genuinely wished that India's Central Bank was granted 'real' autonomy in the context of its day to day affairs as well. S.K.Gupta 6) R Jayakumar Dear PPR Sir Your review of the book ' Restoring Trust in Governance ' has come at a very apt time, that is immediately after the formal releasing of the book by the author Shri M G Warrier at a public function at Thiruvananthapuram. I bought a copy of this book as soon as it was available for sale online and also went through it. But like any other ordinary and common reader I have forgotten it's contents after lapse of a couple of years. But suddenly today going through your review of this book I got the feeling that the synopsis of the book will be now permanently etched in my memory. It is beyond my imagination to understand how great a reader of books you are and a master reviewer of the books you read. It speaks very highly of you to know that the number of books reviewed by you so far connected with RBI related authors itself stands at 79. I am sure your review will be placed on the list of other online reviews of this book with the Notion Press along with that of Shri Sitendra Kumar Sir and will greatly boost the image of Shri Warrier as an author. My heartiest congratulations to the author of the book Shri MGW and to you for your excellent review of the book. Regards R Jayakumar 7) Vishnu Kelkar Sunday Collage carries very interesting articles. Thanks to Shri Warrier for his hard work. I liked the contribution of Shri Panchapagesan Sir on the occasion of Ram Navami being celebrated today. As usual Vathsala Jayaraman's essay 'Economics and Poor Me' is delightful. Especially the quotes on inflation like 'cutting money in half without damaging the paper, 'It now costs more to amuse a child than it once did to educate his father' and more striking 'Inflation is when you pay fifteen dollars for the ten dollar haircut you used to get for five dollars when you had hair' has added value to her writings. Her humourous essay on inflation reaches the common man. I also would like to thank Dr T V Surendran Manathavady for sharing article 'Anasthaetists - Unsung Heros' by Dr P Gopi. It's really noteworthy and has highlighted the important role played by them in making surgeries successful. 8) M G Warrier My quick response to PPR's review : Respected PPR Sir I have no words to express my feelings. Easiest thing in such situations is to bow down and say "I don't deserve this much, I am aware..." But the way in which you have brought out the message of my book in this excellent review deserves much more. I owe a lot to S S Tarpore who left us in February 2016. Those days after my leaving RBI under OERS (in September 2003 ) I used to share my letters to the editor published in financial newspapers with SST. He persuaded me to expand letters into articles. When articles started appearing in mainstream media, he suggested publishing some articles in book form. Banking, Reforms and Corruption** was published at his instance. I remember with gratitude your review of that book published in FPJ* Thanks & Regards Love M G Warrier *https://www.freepressjournal.in/book-reviews/banking-reforms-and-corruption **Now available in eBook form as "Chasing Inclusive Growth" : https://www.amazon.in/dp/B07B527VZY/ref=cm_sw_r_apan_XKMR17KWTCRDZFWZGFWC B Books* By P P Ramachandran & M G Warrier 1) P P Ramachandran https://www.amazon.in/dp/9332703116/ref=cm_sw_r_apan_i_XKHFBD8KM2J20RQGE658 2) M G Warrier https://www.amazon.com/M-G-Warrier/e/B079ZC3JKX%3Fref=dbs_a_mng_rwt_scns_share *Buy books only from local online outlets like Amazon.in and Flipkart C Babusenan's Column : Message Poems When one thinks about travelogues in English literature, the first book that comes to mind is ' Gulliver's Travels' by the 18th century Anglo-Irish writer. But it is actually a fiction and not a travel book. The next one is the famous' Inside books 'of John Gunther, the American journalist. There are several other books which are familiar to the esteemed readers. Coming to Malayalam, none can forget the late S. K. Pottekkat, the famous novelist and perennial traveller whose travel accounts are veritable literary productions, K. P. Kesava Menon's, 'BilaathiVisesham' a book on England, K. Kalyanikkutti Amma's'Njaan Kanda Europe'(the Europe I Saw)which contains a vivid description of an interview with Romain Rolland, the Nobel Laureate. There will certainly be such books in other Indian languages. But our topic of discussion is travelogues in poetry. For that a different technique is generally used. You have a beloved in a far away place thinking about you. That sort of love is given a name in Sanskrit :'vipralambha sringaara'(vipralambha means separation.) You catch hold of an obliging bird and give it the message to your beloved. Then you describe to the messenger bird, in detail, the route to follow. If the Kollam town is on the way, tell the bird the proverb 'Kollam kandavanu illam venda'( he who has seen Kollam will forget his home). If it passes through Kochi, tell it the proverb 'Kochi kandavanu achi venda'(he who has seen Kochi will forget his wife) This unique technique of describing places in poetry was introduced in Indian literature by the great Kalidasa in the 4th century. He used, as his messenger, the cloud and called his beautiful poem' Meghadoot'(Cloud Messenger ) This type of poetry is known as 'sandesa kaavya'. The first sandesa kaavya in Malayalam was' Unnuneeli Sandesam' written in the 14 th century. Who the author was, is not still clear. It was supposed to be a love message from a prince in the royal family in Thiruvananthapuram, carried by another prince, to his beloved Unnuneeli residing in Kaduthuruthi, a town in the present Kottayam district. It was a beautiful work in old Malayalam providing to us an honest picture of the life of the land six centuries ago. Although some sandesakaavyas appeared later, none was as good as the one written by Kerala Varma Valiya Koil Thampuraan towards the last phase of the 19th century. It was named 'Mayoora Sandesam'(Message Through Peacock) Thampuraan was in the forefront of the renaissance movement in Malayalam literature and had married the sister of Aayilyam Thirunaal, the Maharaja of Travancore. It so happened that later he got involved in a conspiracy to oust the ruler. Having incurred the wrath of the king, he was imprisoned for five years in the palace in Haripad, a temple town in the present Alappuzha district, separated from his wife whom he loved dearly. The temple is one of the major temples dedicated to Lord Muruga whose Mercedez Benz is the Mayoora. That is why Thampuraan made it his messenger of love. It is a long poem in beautiful Manipravaala (admixture of Sanskrit and Malayalam words) That was the swansong of sandesakaavya in Malayalam literature. With the advent of the visual medium, travelogues have receded to the background. Today, one can have on a platter any country in the world while enjoying the comfort of the sofa in one's drawing room! D Blogs & Links 1) Handling Trust Deficit https://timesofindia.indiatimes.com/readersblog/warriersviews/trust-deficit-handle-with-care-31104/ 2) Restoring Trust in Institutional System (Published in 2019) https://timesofindia.indiatimes.com/readersblog/warriersviews/restoring-trust-in-institutional-system-8588/ Excerpts : "Obviously, the action initiated by RBI imposing restrictions in the functioning of the PMC Bank is with good intentions and aimed at protecting the interests of bank’s depositors. One objective of imposing a ceiling on withdrawal from a deposit account with the bank is to guard against panic withdrawals which may cause a run on the bank. Fair enough. The initial ceiling on withdrawal of Rs1000 during the 6 months (since revised in stages to ₹50,000), possibly the result of a ‘cut and paste’ approach to drafting directions invited a panic response. More transparency in such measures is needed, as today, the public trust in the financial system is not very high. The inadvertent efforts to destabilize the institutional system including the limbs responsible for regulation and supervision have also contributed to the present unhappy situation. The laws applicable to primary (urban) cooperative banks with multi-state presence and the large clientele need an immediate overhaul. “Cooperatives” remaining a state subject should not come in the way of regulating cooperative banks under the provisions of B R Act." E Healthcare Yoga for anxiety and sleeplessness : Sudha Warrier Chaitanyasana helps calm down our mind and ward off negative thoughts from our mind. See detailed instructions for doing Chaitanyasana below. After completing Chaitanyasana, don't get up in a hurry. Get up slowly. You can do it few minutes before going to bed also. Once you complete Chaitanyasana, open eyes, move fingers and come back to full awareness. Some of us may become sleepy by the time we finish this Asana. Go to sleep only when you are fully awake after the Asana. Don't move on to sleep directly in continuation of Chaitanyasana. Other tips : Drinking warm milk before going to bed induces sleep. If necessary half teaspoon or less of haldi powder can be added to milk. See attachments for detailed instructions for Chaitanyasana (If this doesn't work, buy one of my books and decide to read any 5 continuous pages 10 minutes before going to bed. If you go beyond 3 pages any day, consult family physician 🙏-Warrier) F Spirituality/Faith Dr Charan Singh https://twitter.com/CharanSingh60/status/1512902403888418817?s=20&t=J0ZDUFZr0wDTnxFw3YIW2g Unity in Diversity - 217 जा के देखत दुआरे काम क्रोध ही निवारे जी हउ बलि बलि जाउ सतिगुर साचे नाम पर Just arriving at the door of the Guru, get rid of lust and anger. I am a sacrifice upon the True Name, oh my True Guru Bard Nall, 1399, SGGS G Quotes on TRUST https://www.brainyquote.com/topics/trust-quotes Like : "I do not know what I may appear to the world, but to myself I seem to have been only like a boy playing on the seashore, and diverting myself in now and then finding a smoother pebble or a prettier shell than ordinary, whilst the great ocean of truth lay all undiscovered before me." Isaac Newton H Story Time with Vathsala Jayaraman Defining A Mother It's 8.30 am The maid has not arrived. The breakfast is not ready, And I have tiffins to fill. The laundry heap increases, The groceries need refill. The elder one has homework, The younger one's still sleeping. There's no egg in the fridge, The milk just spills over. I have a conference today, My blouse needs ironing. There's a workshop in the school, I don't know how to manage. My mother in law is here To ask medicines for backache. A call from the bathroom “I've forgotten the towel ” The cat mews, the birds chirp, The plants need watering. The phone beeps To remind me of a pleural tap. The receptionist calls Full appointments overall. My shoulders aches I have no one to tell. My eyes are heavy With last night's on call. I don't remember the last time I had been to the parlor. My nails are brittle, My hair needs a color. My clothes have lost the sheen I need a wardrobe makeover. But before that I've to pick up The toys that are scattered. I think it was last year When I spoke to my sister. Can't recollect the moment When I chatted with my mother. I'm no feminist I'm no atheist I know not what I'm More than a housekeeper, a mother and a doctor. I may be an orator, A painter, an artist, A singer, a poetess, A traveller, a cyclist, A writer, a musician, A craftsman, philanthropist. The last time I tried To find out my ability My child scored badly And you know what followed exactly. So next time she got a gold medal They praised her father's genes I remembered my trophies Which no one had seen. I know not what my daughter Will do after growing up. But I'm sure these responsibilities Will never stop to follow her. Marriages are made in heaven Love is a fairy tale. I'm sure every working woman Has a different story to tell. So, whenever you look At a house that's tidy, A child who is happy, Intelligent and healthy, Remember, it's the woman behind Who sacrificed her sleep, her degrees, her passion her ambitions and needs. Give her a pat, a word of praise, a ear to listen, a helping hand It's always a woman who makes the house a home. But it's everyone's duty To make her feel at home.. God said, “You see. But for my keeping mother's omnipresence, world would be a nasty web”. Vathsala Jayaraman