PNB scam: Letter to BS on how do you make regulators accountable?

The real remedy is not to have so many regulators thinking that the higher level of regulator will be independent

This refers to the article, “Evaluating policy and regulation” (February 28) by A K Bhattacharya. He has concluded that, “It is time the concept of independent evaluation offices for different regulators and even for the administration of fiscal and monetary policies was revived”.

Permit me to differ from the above view. In the case of the banks including public sector banks, the regulator is the Reserve Bank of India (RBI). The RBI is quite independent in respect of supervision of the functioning of the banks. It is not anybody's case that there was no independence of the regulator, namely RBI, because