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 Even the RBI retirees were not spared as their updated pension given on par with Central Government was withdrawn for no reason what so ever.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).

Get People and their Economic activities connected to banking.

The Indian banking is weak because of dominance of informal economy, inequality of incomes and wealth, laxity of Governance at various levels of administration and presence of middlemen, indigenous bankers, money lenders and NBFCs of all kinds. The banking scenario is changing fast and middle class who save in banks have no money to save because of all sorts of taxes which do not seem to be getting accounted anywhere other than to those who levy them. The banks also lose heavily because of their dependence on Technology , Non human approach, and not understanding the customers. The taxation policies of the government and the ease of doing business are not favouring or encouraging any one to attract to any economic activity. The data collection in the country is erroneous and do not seem to be reflecting the correct position of employment, generation of economic activities and productive assets. Banks can thrive only if people and their economic activities get  fully connected to banking. 

Dr T V Gopalakrishnan

India needs politicians to develop strong Institutions

Very forthright views well brought out by Iyer. Politicians cannot appreciate and they do not want to appreciate to have strong institutions as they come in their way of free and easy funds as and when needed. PSBs are a source of funds to meet social obligations and to have continued support by allowing crony capitalism. Dr Rajan intelligently attempted to stop these which was not taken in right spirit by the politicians in power who have their own axe to grind. politicians are always shrewd and professionals' intelligence and expertise cannot be tolerated by them. Dr Rajan lacked diplomacy to handle the politicians and bureaucrats because of his lack of professional experience in indian context as some of his predecessors and this cost him heavily though professionally he is not a loser .The loss is for india and its financial system. 

Dr T V Gopalakrishnan

(This comment appeared in ET against the article this government has shot itself in the foot).

Even high ranked professionals should know the political minds

A very balanced view reflecting the in and out of the PMs office.Compared to Dr Y V Reddy, Dr Rajan perhaps lacked the diplomacy to understand the politicians' mind and act. That is because of his long absence in India and lack of experience being in Indian Administrative Set up. Any way Dr Rajan should have been allowed to continue based on his, brilliance and expertise as an Economist and professional performance and achievements brought to the Financial System in his very short stint as Governor of RBI irrespective of his personal liasoning with the political and administrative set up. Definitely the country lost an Expert's skill in handling the murky and complicated financial system. His frank and open opinions have not been taken in the right spirit by certain political masters, is a fact and it is a lesson for all professionals to seriously ponder before they accept a senior Government assignment. Their life becomes miserable if they fail to dance to the tunes of the politicians in power.

Dr T V Gopalakrishnan
(This comment is in response to an article the numbers RBI Governor did not get : 282 in 2014 that appeared in First Post dated 22/6/16)

Even high ranked professionals should know the political minds

A very balanced view reflecting the in and out of the PMs office.Compared to Dr Y V Reddy, Dr Rajan perhaps lacked the diplomacy to understand the politicians mind and act. That is because of his long absence in India and lack of experience being in Indian administrative set up. Any way Dr Rajan should have been allowed to continue based on his, brilliance and expertise as an Economist and professional performance and achievements brought to the Financial System in his very short stint as Governor of RBI irrespective of his personal liasoning with the political set up. Definitely the country lost an Expert's skill in handling the murky and complicated financial system.

Dr T V Gopalakrishnan
(This comment is in response to an article the numbers RBI Governor did not get : 282 in 2014 that appeared in First Post dated 22/6/16)