Shri Chakraborty, Deputy Governor's remarks, as reported in the Press, in regard to Cobra post sting operation are liable to be misunderstood and hence are unfortunate. If I understand correctly, the sting operation reveals the identities of the officials who are prepared to assist the customer who would like to convert his black money and not that any such transaction had taken place. In any case, it would have been better if the Deputy Governor had waited for the RBI team to submit its report (which has to be by March 31, 2013). RBI has to be very careful before making pronouncements. It looks like that the culture of RBI has changed over time after induction of commercial bankers into its fold. I hope that a Press release, approved by the Governor, is issued immediately to correct any misunderstanding of the stand of the RBI in this matter.
- A.Chandramouliswaran, Former Executive Director
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