.........The central bank’s decision to come up with a timeframe coincides with Prime Minister Narendra Modi’s decision to fix responsibility on bureaucracy and to clear files in a time-bound manner. For decades, writing a letter to the Reserve Bank of India was like sending it into a black hole. Neither did bankers have the temerity to demand a response nor was the RBI obliged to explain its stance. For the first time, RBI officials will have to stick to a timetable. ...........
Read - ET
2 comments:
I am happy that ET has also commented that RBI does not explain its decision. One hopes that henceforth, it changes its ways.
A.Chandramouliswaran.
This is a welcome move. Like the Railway Time Table, which was once known as a guide to know when the late-running trains were expected to arrive, some indicative time-frame for action, even for autonomous bodies, will help those who are dependent on their support for planning their work. The recent instance when it was felt most in the case of RBI was the last 4 years when the process of issue of new bank licences was on. This initiative should wake up government ministries and the remaining departments like HRMD in RBI to follow suit.
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