My View on "How the RBI can be made more accountable – Part 2":
Issues raised in this and the previous article are very relevant in the present Indian context, not only for Reserve Bank of India, but across government, statutory bodies, public sector and private sector organisations or governance in general. Accountability is an important issue. Self-regulation and independence of organisations within the mandated role are also issues needing attention. As brought out here, appointments to board and downwards and tenure of appointment are important as also are the quality of people who take key positions, adequacy and transparency in compensation packages and so on. If we look back, we got the benefit of the services of Seshan, Vinod Rai, APJ Abdul Kalam, Bimal Jalan, Dr Manmohan Singh and now Dr Raghuram Rajan (the list is illustrative), by ‘accident’ rather than by appropriate succession plans or right exercise of choices. We should, at this stage, pool talent and make succession plan, an opportunity to infuse professionalism in managing organisations. Open debates like this initiated by Moneylife will expedite moving towards this objective. Refinements in legislation or issue of guidance by ministries should be to achieve well set out objectives and not to silence dissent.
- M.G.Warrier
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