With reference to "Rajan bats for more powers to RBI board" (January 13), first, congratulations to Business Standard for the brilliant coverage of an important message on several crucial issues concerning the management of Indian financial sector and the role of regulatory and supervisory bodies in doing it efficiently.
The document, this year's New Year message from the RBI governor, can become a reference point in future, though, perhaps, at the time of writing, Rajan was addressing his "colleagues". Rajan has brought in one place several impediments faced by the government and statutory bodies engaged in regulation and supervision, basically because of talent deficit at the highest level.
The RBI Annual Report 2014-15 also had the Rajan touch and did express several concerns that needed support from the government of India to enable RBI to perform effectively. Strangely, media (both electronic and print) which usually give broad coverage to RBI's annual reports did not take adequate notice of the report. Of course, the report is with the government and hopefully, appropriate action will be taken on flagging issues.
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