Indian banking, central banking, and the economy
The youngest and the only Governor of the Reserve Bank of India to die in office, James Taylor spent almost his entire career in the cause of central banking in India for around two decades. In that sense, he was India’s first real central banker.
Like a flower, he comes forth and withers.
Job 14:2
He also flees like a shadow and does not remain.
Continue reading “In search of Sir James Taylor”
A potpourri of personal thoughts and anecdotes on exchange control, the dollar, the rupee and SDR
During the over three decades in central banking, I never worked in foreign exchange or related functions. Without going into detail, this was part choice and part chance. Nevertheless, my batch’s 64-week induction training involved working for two months at all desks, including clerical ones, of the Exchange Control Department (ECD), as the department was then known. When ‘management’ replaced ‘regulation’ in the erstwhile Foreign Exchange Regulation Act, ECD eschewed ‘control’ and became the Foreign Exchange Department. Similarly, the Controller in charge of the Department’s Central Office in Mumbai became a Chief General Manager like any other. Continue reading “Rupee and SDR”
The story of a former SBI Chairman’s arrest and release: the case of a resolution and retribution.
Sometime in early 2004. I was the last in-charge of the Reserve Bank of India’s Chennai Office of the (then) Department of Banking Operations and Development, now called the Department of Regulation. The following July the Regional Offices merged with the Bank’s Department of Banking Supervision (now Department of Supervision). Late in the afternoon, a short and quiet person walked in unaccompanied. He had recently taken over as the Chief General Manager of the Chennai Circle of State Bank of India. Seven years later he became the Chairman of the bank. He needn’t have troubled himself to meet me. At least the Reserve Bank I knew and admired never stood by such empty formalities. Nevertheless, the simplicity and humility of the man impressed me. Therefore, the news of his arrest shocked everyone who knew him. Continue reading “Former SBI Chairman’s Arrest”
“…appreciation of a garden lies not with the gardener but with the observer of the many gardens I have cultivated.”
C.D. Deshmukh, The Course of My Life.
If one were to walk down from Churchgate in South Mumbai, towards Mantralaya, along the Jamshetji Tata Road, the third round is Deshmukh Chowk. It is named after Chintaman Dwarakanath Deshmukh, the third Governor of the Reserve Bank of India and India’s third Finance Minister. There could be two claimants to getting the roundabout so named after Deshmukh. Continue reading “Roses and Magnolias: Deshmukh’s Lovely Gardens”
I have two versions of a review of this recent book by Montek Singh Ahluwalia, Backstage: The Story Behind India’s High Growth Years. When I first wrote it, it was too long, at over 3000 words. I had to trim it down considerable and make it 700 words, for The Open Magazine. I will post a link to that review here as and when it is published in that shorter form. Those who might be interested in the longer form, please read on. Continue reading “Book Review: Backstage by Montek Singh Ahluwalia”
This is the last of three articles from my younger days that I am posting here on this site. All because they continue to be relevant, and are not available in the public domain. This article on deposit insurance goes back to July 2000. It is a critique of some of the key recommendations of the Working Group on Reform of Deposit Insurance in India (Chairman: Jagdish Capoor). Continue reading “Reforming Deposit Insurance”
This also is an old article, going back to 1998, like my earlier post. I am re-posting it here as the issue continues to have relevance, is not available in the public domain, and of course, it gives me an i-told-you-so moment. Continue reading “Should banking supervision be separated”
Today is the 85th anniversary of the inauguration of the Reserve Bank of India. It was about one year back that I decided to start a blog covering issues relating to Indian banking and central banking. Continue reading “Tiger and Palm Tree: The Title”