RBI to issue coins to commemorate Mother Teresa

The Reserve Bank of India (RBI) today said it would issue new Rs5 coins to commemorate the birth centenary of Nobel laureate Mother Teresa. "The Reserve Bank of India will shortly put into circulation coins of Rs5 with the theme, Birth Centenary of Mother Teresa," RBI said in a statement. The coins commemorating the founder of the Missionaries of Charity would be circular in shape and have a diameter of 23 millimeter, it added. Mother Teresa was born as Agnes Gonxha Bojaxhiu on August 26, 1910, in present-day Skopje in the Republic of Macedonia. Besides, the existing Rs5 coins will continue to be in circulation.

A question of control

This refers to the report “Govt tightens grip on RBI” (December 7). There is nothing unusual or objectionable if, in a democracy, the legislature wishes to have a say in policies that are implemented through various arms of the government. In this context, the government’s concern on the contours of the Reserve Bank of India’s (RBI) staff management is understandable. At the same time, this makes glaringly obvious the anxiety of a government that is losing its grip on governance and is, therefore, attempting to showcase some instances of making its boys obey.

The RBI Staff Regulations, 1948 and HR management of the central bank have stood the test of time and never been a cause of problems for the Centre. RBI’s central boards and governors have been consistently showing the maturity to consult the central government on important matters and, by and large, all finance ministers including the present prime minister have respected the RBI’s autonomy. The current impasse appears to be the result of some misunderstandings at lower levels. The earlier the issues are settled amicably before they affect individual egos, the better.

MG Warrier, Mumbai

First among equals

Reserve Bank of India employee representatives have objected to the finance ministry’s reported move to keep North Block informed of the salary structure and perks. However, a section of the market feels that the central bank should not be granted preferential treatment when other financial sector regulators such as the watchdog for the capital markets, insurance and pension are adopting the same practices. 

It’s fight to the finish for SBI top job

Lobbying is in full swing for the top job at the country’s largest bank, the State Bank of India , with its chairman OP Bhatt set to complete his term early next year. Some of the potential candidates, who also include CEOs of large state-owned banks, are ensuring that there are no problems on the vigilance front, which will help expedite the process.