It is reported that Mr. Urjit Patel, one of the Dy. Governors of Reserve Bank of India, has been appointed as Governor of Reserve Bank of India, to succeed Mr. Raghuram Rajan, the outgoing Governor. It is good, that he is from within the RBI. Main advantage of having in-house upward movement is: the new incumbant will have an indepth knowledge of functioning of RBI. Besides, upward movement to Executives within Organisations will lift the morale of the Executives. If an outside person is thrust on Executives and Employees, morale will be to some extent affected, because choice of an outsider reflects a LACK OF CONFIDENCE on INSIDERS.
Appointing the Seniormost Dy. Governor, as RBI Governor, might have probably brought in greater transparency.
Mr. Urjit Patel, one gets an impression, seems to be a representative of Reliance in RBI, having worked as a Former Group President of RBI. This may be an imagination. Yet, there is an adage: "Justice should not only be done, but also appear to have been done".
There is a Telugu proverb: "SankhamlO pOstE kAni tIrtham kAdu". Approx. English equivalent: Water can become tIrtham (Sacred worshipped water, to be taken in with reverance in India), only when it passes through a conch, before the deity. We know who the deities are in Government of India. The Search Committee for appointing the RBI Governor 2016, is the Conch (Sankham).
To continue. सशेष. ఇంకా ఉంది.