ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles by A V RajwadeSubscribe to A V Rajwade

Fifty Five Years of a Feudal Democracy

The 55th anniversary of independence day should be an occasion to rejoice and celebrate. But is it? A brief perspective on where we stand in the comity of nations; what is happening in the country in terms of our governance, our mental attitude and stances.

A Civil Servant Remembers

A Civil Servant Remembers No Trumpets or Bugles: Recollections of an Unrepentant Babu by J B D; Allied Publishers, Mumbai, 2002; pp 234, Rs 190.

Obituary : Raj Kumar Talwar

The story of R K Talwar's sacking from the State Bank of India is very well known - at least to a different generation. It was during the emergency. Talwar had refused to oblige the powers that were by granting loans to their cronies. There was then no provision in the SBI Act to terminate the services of the chairman. The Act had to be - and was - amended to sack him.

Issues in Asset Liability Management - VII

Market determination of interest rates often leads to volatility which has particular relevance to management of the interest rate risk in general and management of fixed income portfolios in particular. Given the size of bank portfolios, volatility of interest rates and need for rigorous performance evaluation, appropriate management accounting systems are essential.

Issues in Asset Liability Management - VI

This article, in a series on asset liability management by commercial banks, discusses the principles governing the fixing of the prime lending rate. Actual pricing at times may have to differ from what is arrived at on the basis of the principles set out here - for competitive reasons, for instance. However, it will be prudent to undertake such deviations consciously and calculatedly - and with the idea of reverting to rational pricing when conditions permit.

Issues in Asset Liability Management - I

The subject of asset liability management is of relatively recent origin both internationally and, more so, in India. This is the first of a series of articles which will discuss the different issues involved, critically examine the maturity gap model, suggest alternatives, look at the principles of pricing deposits and advances and deal with connected subjects.

Origins of First World War

Those who forget history are often condemned to repeat it. The history of the origins of the first world war, which need never have been fought, is worth recalling as the spectre of an unintended, unsought war between two nuclear powers over Kashmir makes its appearance on the horizon.

Universal Banking:Some Issues

The proposed conversion of development finance institutions into universal banks will be a major event in Indian banking and raises several important issues. It will be wise to ponder some of these issues right at this stage.

Fall-out of September 11

Tighter security and police/military methods alone will rarely end terrorism, whether in the US or in Kashmir. The possible targets are too many and the methods are varied and uncontrollable. The key is avoiding situations where a section of the people gets so alienated that it starts believing that terror and violence are the only means to get 'justice', or at least attention. Political solutions are a must.

Macroeconomic Fallacies

Had interest rates been lower by 3 percentage points over the 1990s, government debt as of March 1999 would have been lower by Rs 1,00,000 crore and the centre's fiscal deficit for 1998-99 narrower by Rs 25,000 crore. The figure would have been larger by March 2000. And would looser monetary policy and lower interest rates have been unacceptably inflationary? Unlikely.

Nationalised Banks

The finance minister's proposals in regard to public sector banks, contained in his budget speech, do not indicate clarity of objectives and a cogent plan to achieve them. This is a pity, considering the crucial role of the banking system in the economy.

Wealth and Poverty

Non-economic factors have as much, if not more, to do with the wealth and poverty of nations as endlessly argued fiscal deficits and interest rates. Do the cultural value systems of people and organisations foster learning, innovation, enterprise and debate? While on the subject, when did we last hear of a major Indian politician or policy-maker saying that we need to learn – say, about microcredit from Bangladesh?

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