In a recent newsletter, M. Damodaran, former Chairman of the Securities and Exchange Board of India, raises several thoughtful and compelling questions about the evolving role of the Reserve Bank of India in bank boardrooms. His reflections on the importance of board autonomy, the nature of board discussions, and the risk of regulatory overreach deserve careful attention.Damodaran’s experience and reputation lend weight to his analysis, marked by clarity and candour. His critique, however, places disproportionate emphasis on the RBI’s approach to supervision while offering less scrutiny of the persistent weaknesses in board governance that have necessitated stronger oversight.
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