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