.........“Thankfully the independent academic Dr Rajan also disagrees with the RBI Governor Dr Rajan on this aspect. In his 2009 report, A Hundred Small Steps, Dr Rajan wrote, ‘regulatory actions should be subject to appeal to the financial sector appellate tribunal.’ This is the thinking that guided the FSLRC’s deliberations,and it is the position we still take today.”......
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The present defence of FSLRC stance on RBI confirms the fear expressed by some including this writer that the Commission did not take into account the indian context and the evolution and present position of Reserve bank of India. To oppose Dr Rajan’s view expressed in June 2014, Justice Srikrishna is quoting from 2009 documents. After that Dr Raghuram Rajan had opportunity to learn much more about India and RBI. The position RBI Governor takes now is that of India’s central bank and old ‘circumstantial’ evidences should not be relied upon to oppose it. Professional views based on hard facts will get precedence over ‘old academic’ views. As Dr Rajan is used to being subjected to personal attacks, the FSLRC Chairman will have to do lot of elaboration to defend the FSLRC recommendations in the Indian context.
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