Business Daily from THE HINDU group of publications
Thursday, Nov 29, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Nov 29, 2007 ePaper | Mobile/PDA Version |
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Opinion
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Letters Financial social contract I fully support the author’s views (Time for ‘financial social contract’, Business Line, November 26). Even 60 years after Independence, the Reserve Bank of India is not in a position to ensure a continuous and transparent mechanism for the banks to operate in a cost-effective system that will result in maximisation of wealth to the depositors. In fact, the banks operations are marked by heavy cross-subsidisation, penalising good borrowers, and non-disclosure of income optimisation to the stakeholders. It is unfortunate that the RBI is yet to come up with the guidelines for maintenance of cost records of the services rendered by the banks and thus ensure transparency on a continuous basis. The RBI should come forward with a policy document addressing the relevant issues for the overall betterment of society in line with its own commitment to ensure cost-effective services to the depositors and keeping them informed about the money placed with the banks on a continuous basis. R.Veeraraghavan e-mail More Stories on : Letters | Banking
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