RBI should stick to its guns
Apropos ‘RBI reluctant to make exceptions for IDBI Bank divestment’ ( September 11), the RBI’s apprehensions stating that taking exception with IDBI Bank divestment could set a precedent, may not be completely unfounded.
Since the extant banking law does not permit a bank to invest in another bank/or a promoter to be invested in two banks at the same time, the central bank may be fully justified in not acceding to Kotak Mahindra Bank’s reported request.
While the govt thinks that the large transactions such as IDBI divestment may not sail through if a different approach is not followed but the RBI must stick to its guns and thereby set some worthy precedents for the general good of the economy.
The 18th edition of G20 showcased India’s graceful culture in organising a major significant global event. The Delhi Declaration is a result of the serious efforts of India, Indonesia and Brazil. India can also take satisfaction in getting the African Union, representing 55 countries as 21st member.
The success of the G20 summits under the Indian presidency is a feather in the Modi government’s cap. India must now seek to set up its international role and perhaps push its agenda for UN reform with more vigour.
India’s show of leadership
The 18th G20 Summit has aptly showcased India’s leadership and organisational skills to the world. The preparations by India caught the attention of the global community. There is no doubt that the joint declaration adopted by the summit is also a triumph of Indian diplomacy.
The cornerstone of this 18th summit is the recognition that it is necessary to look at the world from a human-centered perspective beyond criteria such as economic growth. With the addition of the African Union, the G20 is growing as a vanguard of efforts to ensure financial security for all.
Judging Prime Ministers
Apropos ‘How to judge prime ministers’ (September 11). The writer has correctly inferred as regards the functioning of several prime ministers of different political parties including the present PM. If it was nationalisation and decentralisation of banks under Indira Gandhi’s regime earlier, it is now a merger of banks and even closure of banks. The writer rightly states that PV Narasimha Rao’ “wait and watch” policy helped him in those testing times during his reign as Prime Minister.
The present PM Modi has definitely conquered the international image aggressively but at home there is a lot of discontent amongst the poor and the middle class who are forced to pay through their noses during these inflationary times. Digitalisation is fine but then what about the rising costs, increasing unemployment and scant concern for senior citizens?
Katuru Durga Prasad Rao