With reference to “The Power of One” (December 24), Shekhar Gupta while referring to the Reserve Bank of India (RBI) in the context of demonetisation has called it an institution which is “our oldest and vital with the most valuable reputation ,earned over the decades”. But while running his eye over the wall in the RBI governor’s anteroom displaying framed portraits of the past incumbents, a detail escaped the writer’s eye. He has not noticed that the portrait of the incumbent during much of 1975-77 is not on display. It won’t be difficult to recollect that this was the period of Emergency and the RBI is not proud of its head then, who was for all practical purposes a nominee of Sanjay Gandhi and took decisions favouring bank credit to his company the then Maruti Udyog which were later reversed. And he was replaced soon after the Emergency ended and a new government assumed office. The aforesaid would indicate that the placement of portraits in the famed gallery is not automatic for one who occupies the governor’s chair. And in the same way, the RBI’s valuable reputation also needs eternal vigilance.
R C Mody New Delhi
R C Mody New Delhi