My View on "RBI’s Accountability to Parliament – A. Seshan":
RBI Accountability to Parliament - through Government (Executive) or directly placing it's Annual Reports to Lok Sabha (Speaker) and Rajya Sabha (Chairman) i.e. Legislature under Constitution of India will need revisit to RBI Act and political consensus for amendments. In the power corridors, day to day actions and precedents matter. Bureaucracy is live to coerce standards vis a viz statements > the authority flow from political authority through them.
As Protocol Officer, I have closely watched the placement of Governor / Dy. Governors / Central Board Directors status in public domain. Arms twisting methods were made from Finance Ministry and RBI side both. Governor forwarding letter addressed to Finance Secretary on the front page of RBI Annual Reports was talked like a report from a chairman of public sector undertaking to controlling officer >> his superior. There were many instances where either one of them was made to wait for the other in his office for few minutes to express superiority though both belonged to bureaucracy cadre. we as a common man understand this body language.
I have watched many such occasions even during prior appointment meetings. I attended a Finance Secretary for prefixed meeting with Governor where FS was asked to make wait for 5 minutes in conference room before taking him to governor's chamber (normally FS was directly taken to Gov chamber)as per rule. When Chief Economic Adviser who was waiting in conf room saw FS he was too surprised and raised eye brows. after 5 minutes Gov comes to conf room and takes FS with him to his chamber by putting his arm on his shoulders. Big men have big behaviors and style of working.
In such a scenario, RBI accountability to parliament will not be a easy task in politico - bureaucratic nixed setup. There could be many more such day to day encounters. But, I will be happy , if it is done in national interest.
- Chandrabhan Gupta
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