The way forward .Make the Institutuions strong and accountable

 All Institutions are becoming weak and administrative efficiency has taken a very big hit. 

 RBI is getting weaker and weaker every day and losing its glamour in all respects. SEBI has no

control on capital markets and the corporates dictate terms without adhering to corporate

 Governance standards expected of them. IRDA has never shown its mettle and insurance area 

continues to be fraud frown area. There are mushroom growth of Insurance companies and

 whom they are accountable god alone knows. Public are taken for a ride and once an 

amount is remitted getting back is only a chance. Corporate Hospitals and Insurance

 Companies jointly loot the public their health and wealth. Those  who have got both

 money and power have some respect and are able to survive comfortably and   to some 

extent peacefully in the society but others have no choice but to carry on with all sorts of

 harassment, diservice and indifference meted out to them by any service providing Institution.

 There is no grievance mechanism is the ground reality and anybody can get away 

with all sorts of inefficiencies, frauds, or ill treatment. Things are worsening day by day and

 senior citizens are lucky in a way  that they do not have put up with the suffering for a long

 period compared to the next gneration and youngsters. Things are looking bleak is the feeling 

the  avearge common man gets. May God save the people.

Dr T V Gopalakrishnan

Demonetisation of Rs 500 and Rs 1000 notes.

A very great move from a very great Visionary Mr Modi. Hope he gets all support from the public and various institutions in achieving his Vision of freeing India from the evils of black money, corruption and terrorism.India has all the potential to turn into a welfare nation provided the leaders with vision can provide the direction and make the institutions and the people work with dedication, commitment and sincerity. This is the time for institutions to emerge strong and show their might to take the nation forward keeping the values in tact. 

Dr T V Gopalakrishnan

Well done Axis Bank .

Some banks have done an excellent job to come to the resue of public by making arrangements to exchange demoetised notes with legal tender currencies. Axis Bank in our neighbourhood arranged in our residential society having around 10000 people to open a special counter to exchange the notes and  the staff deputed  have taken very special care of senior citizens. They Excahnged the old notes as per the procedure laid down but ensured that people got both the new Rs2000 and small denomination notes. Very imaginative approach to manage the temporary crisis caused by the demonetisation which the people have wholeheratedly welcomed. People want such banks which can take care of the Nation's needs and PM's  vision  to have a welfare,inclusive  India without corruption and  ills of black money.

Wish more of such banks thrive and  are given all support and encouragement. Some of the public sector banks have let down the Government and Canara bank is an example from my experience. Ttwo days , I visited the  Canara Bank Arekere branch and the ATM Counter attached to the branch around 7PM and both the days the branch and the ATM were closed although the news reports indicated that banks would be functioning extended hours .The security had the courtesy to inform that the supply to the ATM is outsourced and there was no supply for the last few days. May God save the PSBs and the economy. High time the Government reviews the working of PSBs factoring therein interalia the  feedback from the Public and the Customers  and initiate steps to privatise the PSBs which are inefficient, incompetent and indiffrent to function indeference to the vision of the Governmet in letter and spirit.  

Dr T.V.Gopalakrishnan

Matured Government is the prerequisite for a strong Central Bank.

Well said Dr Rajan. RBI should have operational independence.The thinking , actions and biases of the Government depend on the political masters where as RBI is an institution taking care of the economy without any biases and it protects the interests of the Government and the people . A strong and independent Central Bank is the strength of the Government and the EGO of individual politicians in the Government cannot play havoc with the Powers and Functions of RBI.  Government is supreme and all Institutions come under the Government is well known to all and particularly to RBI and its top boss. But the politicians in the Government should show some maturity in understanding the important role RBI as a CENTRAL BANK of the Country plays to make the economy strong by ensuring stability of prices, economic growth, monetary stability understanding the dynamics of international economies and their linkages and impacts with the domestic economy. . While vote catching and being cheer leader is one of the objectives of the Government, RBI has only one Objective ie economic growth encompassing all round welfare of all. This is possible only if the Government and RBI work in perfect coordination understanding and total alignment. Matured government is the prerequisite for a strong Central Bank. 

Dr T V Gopalakrishnan

(This comment appeared in ET against the Dr Rajan's speech RBI should be able to say no to the Government.)

Make RBI Independent and accountable to Parliament.

RBI is a unique Institution and it has to play a totally different role in the country to give the economy a strong support to make it nationally and internationally known.The job requires both national and international experience, grip on the subject of economics and finance, market dynamics of the whole world and independent thinking without any political bias. Almost all the Governors with one or two notable exceptions perhaps have delivered what is expected of them and giving RBI an international recognition for its professionalism .The institution has since been losing its glory and independence and unfortunately it is being converted into a government of India undertaking like many a public sector undertakings with all characteristics of public sector where bureaucrats and politicians dictate and never allow them to work proficiently ,efficiently and professionally . RBI has earned a name and fame for its delivery of functions in a highly skilled and professional manner despite all the handicaps of political and bureaucratic interference thanks to the diplomacy and dynamism displayed by the Governors.The need for a knowledgeable,experienced and independently thinking governor is all the more needed now to make the dream and vision of the PM to make the economy the most vibrant and fastest growing and reach the top among all world economies a reality and make nation and people proud. This is possible only if the RBI is given the autonomy and freed from political and bureaucratic interference in its day to day functions and it is fully made accountable to parliament for all its functions and responsibilities.

Dr T V Gopalakrishna

Very glaring revelation to public

Why only Dr Subba Rao paid the price for asserting the RBI 's autonomy. Two Deputy Governors of high repute were not allowed to continue, PSBs were allowed to rotten,the economy was allowed to be slowed down, the NPAs were allowed to accumulate fast, the losses of PSBs  were increased due to heavy write offs, and the taxpayers money was used to make up for the losses of PSBs. Even the RBI retirees were not spared as their updated pension given on par with Central Government was withdrawn for no reason what so ever. Both these FMs had played  havoc with RBI''s autonomy and they  virtually killed the mighty Institution. Now it is the turn of the present Government to make the Institution  its own  department to frame  monetary policy and the work has already begun by making  Dr Rajan to have a forceful exit. The present Government is also after the Reserves painfully built up by the Reserve bank to protect the vulnerability of the rupee and ensure financial and monetary stability  of the country and perhaps these stories would be revealed by Dr Rajan as and when he brings out his book on his short stint at RBI. The Institution is losing its glamour very fast  is  the reality as the bureaucrats and the politicians in power would not like to give any credit for RBI for its  role in strengthening the economy with all its  professional strength. The fight between RBI and the Government is a continuous affair but it has never come to open so far  in such a glaring manner is a revelation to public and it needs to be introspected seriously by the intellectuals,statesman politicians and bureaucrats who love the country more than their ego. Never in the history of RBI such an interference in its functioning  by the Government as it happened during the last ten years. 

Dr T V Gopalakrishnan

Fix black money generation and augment tax revenues.

The Chartered Accountants are the brain behind money laundering and safeguarding black money holders. The source of generation of black money is known to all educated fellows in the country but they have no avenues to bring to the notice of the IT although IT officials are themselves aware of the modus operandi of generating black money in India, Banks are also a party in aiding the people to transfer black money in different ways, The export and imports need to be thoroughly investigated. All educational institutions insist on cash and they are the major sources of black money generation. Professionals ,traders, brokers of all kinds operating in different cities and towns are other sources. Small chit fund operators in all metropolitan area deal only in cash and their clients are whole sale and retail traders engaged in all sorts of commodities.Happy to see that the the IT department has been active to fix the evaders. Instead of their being after salaried class and pensioners earning less than Rs 10 lakhs with some silly queries , their time can be well spent in tracing the cash transactions every where and fix the tax evasion.Once they succeed , the tax collection would get drastically augmented and the people particularly honest category of tax payers would give full cooperation to the Government in fixing the problem of tax evasion and generation of black money.''The readiness is all that matters.'' Dr T V Gopalakrishnan ( This comment appeared in Times of India dated 8/7/2106).