This has reference to ‘Private cryptos will trigger next financial crisis, says RBI Governor’ (December 22). Ever since money was introduced in the place of barter system it has taken different forms like paper, plastic, etc. But the evolutions which made the usage simpler did not do away with the intrinsic value and the currency has the sovereign guarantee of the issuing government.
On the other hand, the cryptocurrency of private issuers does not have any government backing and its valuation is not transparent.
If cryptocurrency is not regulated in India it will land in wrong hands and is likely to be used for objectionable activities. The RBI is right in its stand that cryptos should not be used for wealth creation for which other options are available.
Apropos ‘RBI now looking at business models of banks: Governor Shaktikanta Das’ (December 22), it was highly appreciable on the part of the RBI to make all-out efforts to ensure that the nation’s banking system remains robust and stable.
But how come the government is still obliged to write off massive amount of loans availed of by some industrial tycoons.
Between April 2021 and March 2022, public sector banks reportedly wrote off loans worth around ₹1.15-lakh crore. This does not augur well for the financial health of banks as also the growth prospectus of the Indian economy as a whole.
Caring for seniors
Apropos ‘A Korean lesson in education’ (December 22), South Korea’s approach of allotting a higher budget towards educating and re-skilling older adults is really interesting to know.
The ageing population is one of the major societal issues which many Asian countries, including India, China and Japan, face now. Economically, it creates enormous pressure on the governments and the ageing segment.
With nuclear families on the rise, there has been a mushrooming of old-age homes, a sign that there has been a consistent rise in the 60-plus age group.
Though many States dole out pension to senior citizens, the quantum of money disbursed no way matches the actual needs of the elderly whose primary obligation is to meet their recurring medical and healthcare expenses apart from their basic needs of food and shelter.
The article ‘Ensuring food security for all’ (December 22) bats for standardised criteria across the country to determine the correct beneficiaries under the National Food Security Act. Correctly so. If State governments rightly identifies the poor, be they children, old or the disabled, and provide nutritious food to them, then they can eliminate poverty.
This is not an unproductive expenditure.
Subsidise the needy
Apropos ‘Subsidies need to be provisioned properly: FM Sitharaman’ (December 22). While subsidies are offered by both States as well as the Centre, the benefits often do not reach those who need them the most.
The process of identifying the needy must commence sector-wise to reap its benefits sooner or later.
Halekere Village, Karnataka
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