MY emotive appeal to new Governor of RBI to listen to what Prof and Banker Y V Reddy told long ago...

I have some student friends who are bankers now , one is in the south and another is ni the north ..What do they think about the new governor Of  RBI , A bureaucrat from TN who worked under both Jayalaitha and Karunanidhi.I am not worried about his History degree or buy the argument that he has been chosen for some  ulterior motive or he will not confront the government which after all is going to be there for some months before the elections  but this period is important to manipulate  and how far the new gentleman will oblige and co operate with the government agenda..

Moving down the memory lane  , as a student of international finance  and as a member of Economics Enclave I shared platform with OUR  former governor Reddy and I was impressed with his credibility and sincerity of purpose ..I also listened to Prof Rajan when he talked on Micro credit  when I attended his pre dinner talk  arranged by the organizers of one econometric conference I would say Both Mr Y V Reddy and even Subbarao later for that matter did not dance to the tune of Mr Chidambaram when it came to the question of determining the interest rates..More particularly , Y V Reddy  did not yield to him when he was pressurized to give permission for foreign banks  to get bigger and also ues the foreign exchange for infrastructure .Regardless of what my banker friends would say about the Chicago Professor DR Rajan  I have my regard for them, and my admiration for him  shot up when he resisted demonetization..Urjit Patel another academician had Gokhale Institute background , I am not sure also did manage during the difficult times with all the alleged allegation that he was the Master's voice..

I know that India needs more liquidity not for parading them before the corporate frauds but to the entire people' economy , I am coining a new term  to which the banking system has paid a scant regard..writing off farmers credit is another issue which cannot be simply applauded as the beneficiaries largely happen to be rich farmers and not the real farmers who work on the farm as tenants..It is indeed a shame that in our country, the  farmers ' distress, drought  and floods become the vehicles for the crooks to earn money and the god alone knows what  really the Government does when a state is fully flooded and select states both in the south and North get bombarded by storms and heavy rain..I wonder sometimes whether the State exists ..In spending  there is no ethics and money making madness has gripped criminalized souls to exploit  the national disaster.
Going back to the theme, I would only  request the new governor to remember what Mr Reddy told once :

No central bank can ever be totally independent of its creator - the government.No government can afford to create a central bank that is nothing but accountable.. The question in real life is balancing between autonomy and accountability

The financial system in our country, like our political system is for the rich and affluent glass curtain economy, and a vast majority is outside its territory..Tall talk about financial inclusion  has limited meaning for many , but they have the pan card number, but no income to  show  but must file the income tax statement by paying a fee to the auditor and also pay tax to all the banks  especially the state bank  account holders must shell out for not maintain the minimum balance of few thousands..
what bloody service is there to be rendered when many poor people have  a nil balance or a few hundreds of rupees ?
It is time  that bankers and politicians, Professors and business men realized  that they have an obligation to do  something  not as a favour or charity  to help the financially excluded, but a duty to ensure liquidity for them  not for corporate frauds..we are not going to be here for 100 years  and all the sinned money will be a burden on the children and grand children neck for generation..