Letter to BS: Buck passing between RBI and MoF on public sector banks

Photo: Kamlesh Pednekar
This refers to “PSBs: Buck passing between RBI and MoF” by Debashis Basu (March 19). The buck stops at the doors of “we the people”. The concluding paragraph of the article points to the absence of pressure on those who have power and responsibility to prevent corrupt and unethical practices in governance, to exercise the power with responsibility and without fear or favor. 

The Reserve Bank of India (RBI) Governor in his March 14 speech accepted the responsibility and assured action to overhaul the system. On different occasions, the previous RBI governors have aired discomfort about dual control of the public sector banks. It is not even the government, but the lower level babus in the Ministry of Finance who feel that they “own” the financial sector and create roadblocks in the smooth functioning of supervisory and regulatory bodies including the RBI. 

We lost precious 10 years because of the hijacking of the Financial Sector Legislative Reforms Commission (FSLRC) by vested interests. The earlier India understood the spirit of the concerns expressed by Dr Urjit Patel in his speech, the better for the country.

M G Warrier Mumbai
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