Former RBI governor Bimal Jalan (top); former deputy governor Rakesh Mohan
This refers to Somesh Jha’s report “Govt for Jalan, RBI wants Mohan as committee head” (November 28). The government of India and the Reserve Bank of India (RBI) have come out with the names of two equally competent economists to chair the panel to review India’s central bank’s economic capital framework (ECF). Prudence demands inclusion of both the celebrity economists with an Indian background in the ECF panel, as their rich experience in the RBI and the government besides their association with global financial/research organisations will enable the panel to conduct informed deliberations.
Hopefully, considering his own political leanings, Dr Jalan will himself be in favour of allowing his former colleague Dr Mohan to head the panel. It is comforting to see that the media is not speculating on the possibility of the government invoking Section 7 of the RBI Act, 1934, to direct the apex bank to nominate a particular person to chair the ECF panel.
M G Warrier, Thiruvananthapuram
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