...............Before I turn to specifics, let me repeat what I said on the day I was appointed. The Reserve Bank is a great institution with a tradition of integrity, independence, and professionalism. I congratulate Dr. Subba Rao on his leadership in guiding the bank through very difficult times, and I look forward to working with the many dedicated employees of the RBI to further some of the important initiatives he started. I have been touched by the warmth with which the RBI staff have welcomed me..................
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1 comment:
The maiden speech is a set of good intentions, outspoken like his predecessor, with an action agenda.
The two goals of making financial inclusion stronger and having the MSME sector and Agricultural Sector having their due share in credit flow had their policy roots strong earlier. It remains to be seen as to how he would trigger lending in these two areas when the primary lenders consider them as high risk, no matter whatever confidence measures you provide. How he can influence the government to stop announcements regarding interest waivers and loan waivers that have eroded the confidence in these sectors, will be the key to the success.
Regarding Financial Inclusion, when the grassroots institutions like the PACS that outnumber rural branches of all scheduled banks, around 97000 are sought to be taken out of the mainstream how the agenda of FI can be fulfilled with the required speed? These are tough areas on his radar. There is internal resistance and external ambivalence in the pursuit of this agenda.
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