Jalan pitches for developing nations at bankers’ meet

Reserve Bank of India (RBI) governor Dr Bimal Jalan, has pleaded for larger voting powers for developing member countries of the Bretton Woo...

Reserve Bank of India (RBI) governor Dr Bimal Jalan, has pleaded for larger voting powers for developing member countries of the Bretton Woods Agreement at the Bank of England symposium for central bank governors on International Financial Architecture. The symposium was held in London on July 5.

“It is one of the ironies of the last forty years that, although developing countries as a group have grown much faster than the developed countries and their relative economic strength in terms of output and trade has increased substantially, their actual voting power in Bretton Woods institutions has tended to decline!” Jalan argued.

RBI for co-op bank transparency

MUMBAI: Co-operative banks need greater transparency in disclosure of balance sheets, said RBI deputy governor Vepa Kamesam in his inaugural address at the two-day ‘National Convention of Urban Co-operative Banks: Strengthening through Corporate Governance’ held at Mumbai. He said that co-operative banks should adapt the stringent auditing norms as in the case of commercial banks. (ENS)

Jalan was invited by Bank of England governor, Sir Eddie George, to be the lead speaker at the high-level central bank governors’ symposium. Jalan also called for building of safety walls by way of providing for higher reserves, more realistic policies to regulate capital flows and careful monitoring of exchange rates. “Let the institutions play a supportive role through higher and more automatic access to finance, subject to annual performance review. These institutions must also be made less ideological and less political with greater voice for all member countries rather than for a handful of industrial countries,” he added.

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