We Need to Change: RBI’s Raghuram Rajan Memo to 17,000 Staffers
Mumbai: Reserve Bank of India Governor Raghuram Rajan has challenged the staff to improve the work culture at the 81-year old central bank with less bureaucracy, more communication and openness to outside thinking, and improved compliance.
“The imagery that comes to mind for critics is of a traditional unimaginative organization rather than a dynamic intelligent one,” Mr Rajan wrote in a memo to the RBI’s 17,000 staff seen by news agency Reuters.
“Our regulations are not always very clear. Our staff sometimes is neither well informed of our own regulations nor willing to help the customer. Our responses are occasionally extraordinarily slow and bureaucratic,” he added.
Governor Rajan also expressed concern that the RBI was not seen as enforcing compliance, saying that in India “we do not punish the wrong-doer – unless he is small and weak.” The RBI regulates the country’s currency and debt markets, as well as the public sector banks.
Read full article: NDTV
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