Merit Is The Key To Success

It must be appreciated that in any organisation, the pyramid always gets narrower at the top and at that level only merit counts. So far as I know, `F' grade in the RBI is the head of the department, the key functionary contributing to policy making. At this level, the central bank just cannot afford to promote mediocrity. Loyalty to the organisations, distinguished academic record or hard work cannot by themselves be qualifications for promotion. At the head of the department level, especially in the central bank, one also requires several other qualities such as,in depth knowledge of the functioning of the financial markets, an understanding of the working of the various sectors of these markets and their relationship with the economy as a whole. They should also possess excellent communication skills as they have to interact not only with top level bank executives and government officials but also with their counterparts in central banks abroad.

 

I also see no wrong in merit based promotion policy, which the RBI has adopted after pursuing a seniority based promotion based policy for long years. Such a policy does exist in the banking industry as well as other public sector undertakings. Of course, such a policy ought to be transparent.