The Story of the Reserve Bank of India is a treasure trove of knowledge. The book with its huge database of artefacts about the RBI as a whole, is just surreal. Strikingly unique in its approach, diving deep into the rich and diverse history of RBI, leaving no stones unturned makes the book a must have for your home library.
Rahul Bajoria has picked up the essence of the country’s biggest financial institution at its very best. My own copy of The Story of the Reserve Bank of India has been underlined and annotated with passages that I will come back year after year.
A master in his craft, Rahul Bajoria has outlined the story of RBI from its baby steps to being the Godfather of India’s financial department. Since its birth, RBI had a very different aura of its own. One of high self esteem and benevolence. It was one such institution that took the responsibility and burden of entire India on its shoulders towards ushering a new India. The path entrusted to RBI wasn’t a bed of roses but definitely an adventurous one.
There were political turmoil, inflation, rising economic burdens, famine and drought, international wars, policy changers and changing governments and what not, which altered the very way RBI had to work. It gave way to new policies being formed and Acts that will ensure that the common man wasn’t affected by it.
What I would love to believe with the highest respect for Reserve Bank, that without it India’s economy will crumble to pieces and the very foundation will break. Rahul Bajoria has glorified RBI with his new book, both as an institution and a bank that had overseen the progress of this great nation. RBI had made many smaller amendments and taken initiatives so that the common man is benefited. With many decisions taken in favour of national interest RBI also had walk in the rings of fire, facing criticism. As the small stones thrown at a giant, doesn’t makes much of a difference, RBI too wasn’t deterred by the puny criticism while the nation’s interest was at play.
Demonetization was one of the criticism that RBI had to face in the recent times when PM Narendra Modi declared that currencies of higher value will cease to be of monetary value in 2016. There are still debates over the success of this huge decision, while the people of India suffered at large, both the current government and RBI had to face the heat of the nation.
There is a saying, “No matter what happens the show must go on.” RBI show is still in play and in the years to come, they are going to be even more challenging. New governors will replace the older ones, policies will change for the betterment. But RBI had and will remain as the apex Institute to oversee the proceedings and ensure that India at large wins.
The book’s last chapter says, ‘Looking Forward’ give a near future future perspective of Reserve Bank and its course of action, as it approaches closer its centenary in 2035. There has been a renewed respect for RBI after finished reading the book, for which I will forever be grateful to the author for his amazing work.
I wish the book a great success, which it will achieve and the author my respect and gratitude for have penned such a wonderful book.
Author(s): Rahul Bajoria
Publisher: Rupa Publications
Release: October 2018
Genre: Non Fiction/Business
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