Hello, the road to Ambedkar’s vision of Bank management is too far away

The RBI, after becoming the handmaiden of the finance ministry, has over the last two decades recovered its autonomy and functions with the sobriety and independence intended in its founding legislation, the classic Reserve Bank of India Act of 1935. The Securities and Exchange Board of India (SEBI) started off without statutory teeth. Over the years, it has gained legitimacy, not only statutorily, but also by its actions in attempting to preserve a transparent capital market. China is doubtless ahead of us in hard infrastructure. But in the soft infrastructure of a working financial market, trust me, we are far ahead. When B.R. Ambedkar and Benegal Rama Rau worked out a Westminster model for our state, leveraging rather than discarding the provisions of the brilliant Government of India Act of 1935, they did succeeding generations a great favour.