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Your editorial ‘Holding banks back?’ (Business Line, August 30) highlights the RBI’s dilemma about its role in an open economy. To play safe, the central bank has chosen, as in the past, to act as a strict regulato r rather than perform the role of a catalyst for accelerated economic growth.

The Finance Ministry should take a bold initiative to clearly define the role of the RBI and other governmental agencies in the changed environment, where our economy is growing at a fast pace and striving to catch up with the developed economies.

In a globalising economy, inhibitions about the growth of financial institutions, especially banks, should be shunned and contemporary organisations evolved and encouraged.

M. V. Nagavender Rao Grand Ledge, US

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