The Andhra Pradesh government has done a good thing by asking Isha Foundation to conduct workshops for officials. Such a programme can act as a stress buster and enhance the efficiency of government employees. For best results, it should also be extended to the lower rungs of the bureaucracy. Other states can take cue a from Andhra Pradesh in this regard.

HP Murali

Bengaluru

Taking ties to a new high

Prime Minister Narendra Modi has the knack of converting almost every situation to his advantage. Importantly, he believes in his own ability to excel.

Ever since he assumed power at the Centre, he has been creating waves like in Gujarat. Modi succeeded in winning the hearts of Americans during the recent visit of President Barack Obama to India. Modi’s mesmerising address in the joint press conference at Hyderabad House was an absolute treat. Both the US and India have every reason to feel proud of their leaders for creating a climate of hope and confidence, and giving a whole new direction to bilateral ties. Trade between two countries, and cooperation in vital areas such as the civil nuclear pact, defence etc is likely to witness a new high. Chai par charcha obviously ended on a good note.

Srinivasan Umashankar

Nagpur

Empowering borrowers

This refers to your editorial ‘Micromanaging loans’ (January 29). The recent RBI direction is only meant to empower borrowers by making banks declare their maximum and minimum lending rates.

In no way will this restrict banks from fixing their lending rates. But they cannot fix rates arbitrarily. Spread is not the difference between base rate and the lending rate as made out in the editorial.

Base rate is only the minimum rate for all loans. It is not the cost of funds though it is fixed based on the cost of funds. Banks are simply not permitted to resort to any lending below the base rate.

Banks cannot be expected to adjust their lending rates based on repo rate etc (policy rates), as their base rate is primarily based on deposit rates and not on repo rates.

It will take time for them to adjust their deposit rates which will depend on the availability of funds in the market.

S Kalyanasundaram

E-mail

A cartoonist of genius

It was nice to learn that legendary cartoonist RK Laxman was in this newspaper’s editorial headquarters in Chennai on the day of its launch 21 years ago, and to see the sketch of the then Finance Minister Manmohan Singh drawn by him for the launch issue (‘RK Laxman and the birth of Business Line, January 29’).

The cartoonist, brother of the legendary author RK Narayan, brought a smile to generations of Indians every morning with his “You said it,” chronicling the foibles of politics and politicians. In his autobiography, Laxman expressed surprise on being seen “not merely as a cartoonist who tickled their sense of humour, but as a profound thinker, a social reformer, a political scientist, a critic of errant politicians and so on.” In his demise, the country has lost a genius and the common man his crusader.

MC Joshi

Lucknow

Tranparency in loan pricing

The RBI direction to banks to spell out lending rates is intended to improve transparency in loan pricing; banks are generally reluctant to pass on rate cuts to borrowers. TV Jayaprakash

Palakkad, Kerala

New foreign secretary

The government’s decision to curtail the two-year term of Sujatha Singh and bring in India’s Ambassador to the US, Subrahmanyam Jaishankar, as the new foreign secretary was expected. Jaishankar’s key role in ensuring the success of US President Barack Obama’s visit to New Delhi and his meeting with Prime Minister Narendra Modi landed him the plum job.

Besides, his efforts at getting the nuclear deal through also worked in his favour. A brilliant officer with an illustrious family pedigree, Jaishankar will now steer New Delhi’s diplomacy till early 2017. Here’s wishing him well!

N J Ravi Chander

Bengaluru

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