Tell-all book by former RBI Governor stirs senior congress politico, Jairam Ramesh
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Former RBI Governor
In his book 'Who Moved My
Ramesh also "completely opposed" the proposed merger of associates into the SBI, saying it is the "western mania" to have big banks and termed the move as "very ill-advised". Citing an example, the Rajya Sabha member said the State Bank of Hyderabad played an important role, along with Andhra Bank, in propagating women selfhelp groups movement in undivided Andhra Pradesh as they were headquartered here and had the state's interests in mind. "And now they (SBH) will be part of this vast ocean called the State Bank of India, and it's not clear to me... except that the balance sheet of State Bank of India becomes larger, I don't think the service is going to improve," Ramesh said.
Meanwhile, he also advocated that there is absolutely no reason to have a separate Railway Budget, adding that he had repeatedly in the past few years expressed this view. "There was a reason (to have rail budget) in 1920s when 60 or 70 per cent of the capital expenditure of government of India was that of the Railways. Over the years, that proportion has dwindled to not more than five per cent, or six per cent perhaps. "Also, the separate budget has put enormous political pressure on the Railways to follow policies that are economically not logical or rational," Ramesh added.
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