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The Reserve Bank of India's former Governor, Dr Y.V. Reddy, backed RBI's hike in reverse and repo rates by 2.5 basis points.
Responding to a question from a student at a seminar on leadership and corporate governance organised by the Management School of University of Hyderabad (UoH) here on Friday, Dr Reddy said: “Had I been the RBI Governor, I would have done the same.”
Explaining the need for hiking rates by the apex bank, he said it was needed to protect saver's money (or savings) from erosion in value due to inflation.
Yet at the same time, costly money makes the investors to use it prudently only for productive purposes, he said.
“You pay more for your cinema, you pay more for your vegetables, why not pay more for money,” he quipped.
On corporate governance, Dr Reddy, who is currently an emeritus professor of Economics at UoH, said some uniform standards should be developed.
There should be different approach to corporate governance in public enterprises and private businesses, he added.
Ms Renu Challu, Managing Director, State Bank of Hyderabad, said safeguarding and nurturing of human resources was a primary responsibility of a leader.
“Leadership is basically to draw sustainable strategies for long-term growth and to implement them,” she added.
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