RBI's approach

RBI must change its approach This refers to the article ‘Falling rupee calls for a macro approach’ (July 22). The article brings in one place most of the recent initiatives from the RBI’s side to arrest rupee volatility and manage inflation. Usually analysts approach RBI measures from their area of interest and get diverted from the RBI’s goals while selecting the tools from its armoury. Recently an article in this paper observed that “It is likely that the current HR policies and practices of the RBI do not support the transformation that is needed for this purpose”. The central bank needs to introspect and initiate remedial measures quickly. Because the present HR Division handling recruitment to post-retirement welfare of RBI employees needs a thorough overhaul with policy support from the government. Development of in-house talent is a neglected area in public sector and particularly in RBI. While there’s some relief in policy formulation after Monetary Policy Committee was constituted, areas like forex management are even now outsourced for lack of in-house talent. This needs to change. MG Warrier Mumbai This response appeared in today's Business Line

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