Transfer of ownership of DICGC to GOI is a welcome move. Perhaps, with this move, government is admitting that risk to financial assets emanate mostly from government policies and insuring deposits and guaranteeing recovery of bank credit should be government’s responsibility. It is hoped that GOI will compensate RBI for the share transfer and the proceeds will go into RBI’s reserves and this time it will not be a ‘book adjustment’, as was on certain earlier occasions.
- M.G.Warrier
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