...............Banking being a Central subject, there is a clear need for an RBI diktat against using public institutions — which are repositories of public money — for acts that can vitiate the repayment culture. Should public institutions like banks be used for mere political gains? To carry forward the principle of “minimum government and maximum governance”, what banks need is autonomy in its true sense. However, many feel even the Central bank is only constitutionally independent, and the Government has the power to direct its actions. But this needs to change. Election manifestos of political parties, which carry such populist schemes, should be treated as a party liability and not a sovereign liability of the state with taxpayer’s money..........
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