Friendly banker who likes to have more “likes” on facebook
Raghuram Rajan in his first interview after taking over as
RBI governor had proclaimed that “The Governorship of the Central Bank is not
meant to win one votes or Facebook “likes”.” But in Washington last week, he
did try to earn some “likes”.
His efforts so far have provided much needed stability to
the currency and soothed many ruffled feathers. He has taken many “popular”
measures that have earned him votes of foreign investors.
The recent proposal to liberalize the regime for foreign
banks is also a step in that direction. Otherwise, the fact is that in past one
year many foreign banks have indeed scaled down/exited their Indian operations.
The banks which are there in India since many decades have mostly remained an
urban phenomena and are not exactly known for their good practices. The foreign
banks contribute nothing positive to the objective of financial inclusion. The
negative contribution could be listed, though not inarguably.
The market reaction to the governor’s statement was nothing
short of euphoric with some takeover candidates gaining 5-10% in day’s trade.
In our view, the banks whose survival or prosperity depends
purely on foreign capital should be considered instable and put under stricter
surveillance.
Would wait to hear some protesting noise from so called
nationalistic and socialistic forces.
The blessings of Phailin
The destruction and losses caused by the cyclone Phailin
that hit India’s east coast last Saturday is terrible and the entire nation
stands with the people who have suffered from the nature’s fury.
But as they say, whatever nature does is for the good of
mankind. The tragedy perhaps has done a tremendous good to the country as a
whole. It has catalyzed the much needed reform in the area of disaster
management. The administrative response to the tragedy was unprecedented and
results stupendous.
We are certain that this incident will set the benchmark in
disaster management that will only be improved with the passing of time. Hope
we see no more stampedes at religious places and no avoidable loss of life in
natural calamities.
Feudalism wins over democracy yet again
Rahul Gandhi suppressed his desire to break free from the
clutches of feudal lords within Congress party. The gas he showed at the Press
Club couple of weeks back was pressurized enough to turn into cold water by the
time he reached Punjab last week.
He acknowledged that Dr. Manmohan Singh and Sonia Gandhi are
his gurus in politics. Remember, these two are the supreme examples of the
exploits of the Feudal powers governing the GoP of India since independence.
The meek surrender will certainly disappoint the young turks
of the Party who had supported him instantaneously in his rebellion.
Thought for the day
Thought for the day
“If you can't get rid of the skeleton in your closet, you'd
best teach it to dance.”
-
George Bernard Shaw (Irish, 1856-1950)
Word of the
day
Trepan (n)
A person who ensnares or entraps others.
(Source: Dictionary.com)
Shri Nārada
Uvāca
Does the administrative response to Phailin meet
international standards?
If yes, who gets the credit?
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