Old timers would vouch for the above comments of Shri AC.RBI traditionally had been "Reserve" Kanjoos and would think hundred times the repercussions of its decision to extend some financial benefit to its staff. In the past whenever employees association would ask for some facility on the line of GOI employees, the Bank would say it was not available in the Banking Industry and when some facility from the Banking Industry was asked for, the Bank would plead that GOI would not approve. That showed that how sensitive the Bank was to any extra expenditure howsoever justified that might be.That is to say that despite sitting on the mountains of money, the Bank has been very cautious in its expenditure.
There had been attempts in the past advocating to bring RBI within the purview of CAG Audit (during 1992 securities scam also). But the Government of day did not find favour with such moves and wanted RBI to have its own autonomy.
Things appear to have changed now. With Governor,RBI not yielding to MOF, the whole machinery seems to have become hostile to RBI and somehow want to force RBI in submissiveness. Report of the FSLRC is another attempt in this direction. When RBI the central bank of our country is made to forego its independence, that will be black day in our history. May good sense prevail upon them who are out to destroy RBI, an outstanding institution nurtured over years.
There had been attempts in the past advocating to bring RBI within the purview of CAG Audit (during 1992 securities scam also). But the Government of day did not find favour with such moves and wanted RBI to have its own autonomy.
Things appear to have changed now. With Governor,RBI not yielding to MOF, the whole machinery seems to have become hostile to RBI and somehow want to force RBI in submissiveness. Report of the FSLRC is another attempt in this direction. When RBI the central bank of our country is made to forego its independence, that will be black day in our history. May good sense prevail upon them who are out to destroy RBI, an outstanding institution nurtured over years.
- Manohar Mahajan
1 comment:
Let us not underestimate the strength of the foundations of the major institutions like Supreme Court, RBI, Election Commission, Legislatures and CAG (list is illustrative) in India which are still strong enough to withstand the onslaught by vested interests. By and large, even certain individuals, who were behaving differently or whose perceptions were different when they occupied less significant positions have shown much higher levels of maturity and sereneness when they held top positions in these institutions. Many of these institutions have evolved over time a culture and commanded respect from those who headed/managed these institutions during challenging times.
I feel comfortable to believe that the present confusion, for which mostly an unstable political leadership is responsible, will get over fast.
Post a Comment