whispers in the corridors
While the book by former RBI Governor Duvvuri Subbarao (IAS 1972) is non-controversial, the forthcoming book by the last RBI Governor Urjit Patel (to be released after a month from now) is is eagerly awaited by financial and monetary economists across the world. By 2014 India’s Public Sector banks had been captured by some ‘unscrupulous racketeers’. This unprecedented capture of the public banking sector by these ‘tycoons who were running their empires on unpaid debts’ went unnoticed by the bureaucrats in the Ministry of Finance, the RBI, office of CAG, and in the Board of Directors of these banks. Patel's resignation came at a time when relations between the government and the RBI had soured, with the Ministry of Finance threatening to invoke a never-before used clause to give directions to the RBI. He was quickly replaced by Shaktikanta Das (IAS 1980). Patel made no public comments on Government policy either during or after his short tenure as Governor, RBI apparently saving his firepower for the book which while dealing with this ‘bad loan crisis’ in great detail is likely to be more focussed on the autonomy of the RBI. In our country, where the Government owns banks it ‘can use our deposits to lend and splurge for goals that may not always be economic in nature’. In his view, RBI should be free to 'manage money and regulate banks'. Recently Patel has taken over as (non-Executive) Chairperson of the Governing Body of National Institute of Public Finance and Policy - nominated to this post by the outgoing Chairperson Vijay Kelkar.
Send Feedback
- 3 IAS officers get new assignments in Maharashtra (UPDATED)
- Post of Vikas Singh upgraded to Director level (UPDATED)
- Sarvadanand Barnwal appointed as Director, Land Resources (UPDATED)
- Anurag Chandra appointed as Deputy Secretary, Chemicals (UPDATED)
- Sunil Kumar Yadav appointed as Director, Housing (UPDATED)
- Revathy D appointed as Deputy CGA, Office of CGA (UPDATED)
- Abirami SP appointed as Assistant CGA, Office of CGA (UPDATED)
- HUDCO observes its 54th foundation day (UPDATED)
- Jitender Ahlawat returns to parent cadre (UPDATED)
- R Veerabahu selected as Director (Fin), Braithwaite (UPDATED)
- Two IPS officers shifted in Jharkhand (UPDATED)
- Medical Health CheckUp Blood Donation Camp at HUDCO (UPDATED)
- 10 IPS officers in Gujarat get new postings
- REC avails SACE-Covered Green Loan for JPY 60.536 bn
- Vivian Marandi appointed Professor (Signal-I), IRISET
- Ms Saxena appointed PCPO, Western Railway
- Anupam Kapoor appointed CPD (S&T), Central Railway
- Ankur Chandra appointed CVO, BLW
- Nirmal Kumar is Secretary, Bihar University Public Service Commission
- Nominations for fellowships invited
- Legal Consultant post in Power Ministry advertised
- DoT advertises for AD post for Haryana location
- Devanand Yadav transferred to NWR
- P S S Prasad transferred to ER
- 98 candidates qualify for CISF PST/PET/MST
- 32 ITS SAG officers promoted & given new postings
- Amit Jain gets VRS from Railways
- Susanta Sarkar posted in ER after return from KMRCL deputation
- Santosh Tewari is also DDGF(C), RO, MoEF&CC, Chandigarh
- 11 JAG level IDAS officers transferred
- Inordinate delay in appointment of M K Jain as CMD, Madras Fertilizers Ltd
- Two officers quit Indian Revenue Service
- No vacancy for Directors in IITs
- R K Mathur and A K Dhasmana joins TATA !
- Will SBI CMD Dinesh Khara get extension ?