RBI Governors never fail the Government is what its History speaks

The Central Bank and the Central Government need to work in close coordination protecting the interests of Politics of the ruling party and the economics of the Country benefiting the people and the nation. A critical and deeper analysis of the Working of Central bank for more than eight decades would reveal that the Central Bank with all its professionalism and command over the economy has taken care of the political interest of the Government in letter and spirit and at the same time keeping its operations independent to ensure monetary and financial stability to a great extent. Of late despite the best of intentions on the part of the Government to develop the economy , the RBI has not been allowed to freely function the way RBI perhaps desires and the interference of the Government by various ways to divert RBI's attention , energy and resources to cover up weaknesses of the Government despite best of intentions to deliver on the economic front through concrete and meaningful fiscal policies have unfortunately resulted in the resignations of two Economists from the Central Bank before they could do something solid to take the economy forward as the Government intends and RBI functions in terms of the RBI ACT. RBI is not a Corporate body to be dictated and its Functions differ from various corporates as RBI has to ensure that the Economy moves forward in tandem with the Governments thinking keepinig into account the various aspects of economic fundammentals and also the dynamics seen in the international economy. The Author seems to  be well read but has apparently missed out the various volumes of RBI history. All Governors have faced more or less similar or worse situations and they have all well delivered the RBI functions keeping the image of the Governments in power in tact and maintaining the autonomy of the central bank outwardly atleast..

T V G Krishnan 

(This comment appeared in ET dated 4th Aug 2020 against the Article Why Urjit Patel and Viral Acharya are wrong on RBI's Criticism)

No lesson is learnt by any body in reality.

No one learns any lessons from any past events or policies pursued what ever may be the seriousness of the event or who ever may be the policy initiator is the ground reality. For Shakthikanta Das it is a new twenty twenty match where Umpires and line umpires are totally different. Politics pursued is different and Economic policies pursued are totally different. Over and above this, the pandemic also dictate its own terms and conditions and no one believes in the future as all are concerned with the survival for the present. Added to these, the Governance in the Country has been literally absent and ethics and values if any so far believed and pursued have been given a go bye by all, practically. Banks dictate terms in their own ways and they do not have any respect for Customers particularly deposit customers. Policy makers do not seem to understand the concepts inflation, real rate of interest, savings needed for investments ,and where to and how to invest to benefit the economy and the people. Banks have become a source of loot both by Corporates and NBFCs apart from individuals' fraud and disappearance from the Country. Confusion is confirmed everywhere and people wonder as to what is happening and how to survive without employment, income, and any other dependable support system. Pandemic has given opportunities to rob the public openly and hospitals ,and other service providers take this as God given opportunity to exploit and make money without thinking for a moment whether they themselves would survive or not the pandemic to enjoy the looted money. So goes the life.

Dr T V G Krishnan

This comment appeared in ET Dated 3rd August against an Article what can Governor Shaktikanta Das learn from Subbarao's mistake).