It is indeed remarkable that Dr Subbarao with all his academic achievements (Director, IIT's Gold Medal, First rank in his batch in IAS, later a Ph.d) and then excelling in his career in many positions which he had come to occupy, nay, adorn (proving that he is not merely a theoretician), he is extremely modest. His modesty is genuine unlike that of some of his predecessors. His integrity is another remarkable thing as we have now come to know his file notings/letter on the pricing of 2G Spectrum. The only fault in him as I see is that he is too gentle and too good for this workaday world. He has to be like a Rajarishi when it comes to punishing, as a part of his duty, those who deserve it without feeling happy about it. How I wish I was born 15 years later than I did so that I would have had the privilege of working with him.
- A. Chandramouliswaran, Former Executive Director
1 comment:
Well said, Chandramauleeswaran Saheb! If this space permits, let me reproduce my letter in Business standard, August 11, 2011:
Letters: Vote for stability
Business Standard / New Delhi August 11, 2011, 0:09 IST
In these turbulent times, the Centre’s timely decision to give RBI Governor Dr Subbarao a two-year extension stands apart as a decisive vote for stability at the central bank. This will strengthen the RBI to pursue the right course it has been following in different areas of its responsibility. A change of guard at this juncture would have resulted in slowing the processes of change in areas like fighting inflation, forex reserves management, financial inclusion and outreach, and transparency in policy prescriptions where Dr Subbarao has made perceptible progress. On his part, the governor should take this opportunity to hasten the initiatives he has taken to make RBI a change agent in the country’s economic development. Beyond the mandated responsibilities, one expects RBI to do much more in the areas of financial inclusion, gold and wealth management (as part of its forex reserve management), revival of grass-roots rural financial institutions like co-operatives, and balanced economic development across regions by ensuring an appropriate realignment of the outreach of institutional infrastructure using financial sector reforms as a tool.
M G Warrier, Mumbai
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