This refers to the report "RBI deputy guv appointment hits FinMin wall"(January 11). The message becomes disturbing when one realises that even on such a small issue, the finance ministry and the Reserve Bank of India (RBI), under the new leadership, are unable to sort out their differences. Transparency doesn't mean that everything should be done openly. The government should be credited for the fact that compared to other statutory bodies and public sector undertakings, RBI has been getting a fair deal in the selection and timely appointment of executives at the governor and deputy governors levels. When Raghuram Rajan was appointed Governor of RBI, this aspect was appreciated even by the media.
The master-servant relationship that the finance ministry has been enforcing on organisations "owned" by the government, had not impaired the reputation of RBI in the public eye since governors have always given priority to national interest. Disputes between the government and RBI may force the latter to loosen the apron strings of the finance ministry to protect institutional prestige.
M G Warrier Thiruvananthapuram
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