VITALINFO: "CAGED" MONETARY POLICY"

VITALINFO: "CAGED" MONETARY POLICY": We have a ‘caged’ Monetary Policy. Top echelons in government, by habit, pre-empt any maneuverability available to RBI Governor, by explici...

VITALINFO: The basics of monetary policy – S.S.Tarapore

VITALINFO: The basics of monetary policy – S.S.Tarapore

The autonomy and independence of RBI is a myth. Not only in regard to Monetary Policy but also in every little matter, RBI is reigned in by the Government. It has no independence in any matter. The pity is that even the Central Board of the Bank is unable to assert itself and members of the Board while talking about the need for autonomy of the Institution, they do not take any concrete action while serving on the Board. Perhaps, the Board of the RBI is only for ensuring statutory compliance and not to serve any useful purpose as the late Shri Talwar( late most distinguished Chairman of SBI/IDBI) used to say about the Boards of various banks/ corporates! Readers may be interested to know that when Shri Talwar was approached some time in 1988/89 for a position in the Central Board of RBI, he informed the Bank that he is not interested in the position!! He did not perhaps want to waste his time sitting on the Central Board.

A. Chandramouliswaran.

Many a time customers wish to change the bank but are unable to do so because of standing instructions for credit/debit to the account. If there is change in the bank without bank account number portability, customers would be put to a lot of inconvenience in the matter of banks acting on their instructions and there would be endless correspondence with the bank. Hence, it is better for us to wait till the account portability becomes possible with the completion of the issue of UIDs There is so much uncertainty now about when the issue of UIDs would get completed or whether it would get completed at all in a person's lifetime!!

VITALINFO: RBI favours one-time KYC over SB a/c portability

VITALINFO: RBI favours one-time KYC over SB a/c portability

VITALINFO: Reveal bank inspection reports: CIC to RBI

VITALINFO: Reveal bank inspection reports: CIC to RBI

The ruling of the CIC would ensure that the findings are followed up by the RBI without any let up and banks take action on the RBI's instructions and also take action against those members of staff who are responsible in the banks for the irregularities. Action against erring officials in the banks, on the basis of the findings in the inspection reports, has some times not been as strict as it ought to have been. The ruling of the CIC would also ensure that the findings in the Inspection reports are thorough and could be defended to the hilt by the RBI. Indian bank would not have gone through the trauma it went through some years ago and would not have cost the Indian taxpayer to the extent the recapitalisation of the bank did if only the Indian Bank had taken the Inspection reports seriously and had acted on the findings and the RBI had ensured this.

VITALINFO: Too many cooks: Do we need four RBI governors or one?Are too many economists spoiling the broth?

VITALINFO: Too many cooks: Do we need four RBI governors or one?Are too many economists spoiling the broth?

VITALINFO: Two more Members join RBI Board

VITALINFO: Two more Members join RBI Board

Shri Malegam is no doubt a knowledgeable person and is extremely useful to the RBI Board. He has been on the Board for a very very long time exceeding more than a decade. It is surprising that the Bank/ Government have not been able to find some one who is new.