RBI deputy governor Shyamala Gopinath retires

“There have been many testing periods during my career at the central bank. But I always enjoyed such situations, because our responsibility is to ensure that the public confidence in the system is not shaken,” RBI deputy governor Shyamala Gopinath said

Mumbai: The deputy governor of the Reserve Bank of India (RBI) Shyamala Gopinath, who retired today from the Mint Road office after 39 years of service, says she never felt that she was disadvantaged or advantaged for being a woman, and that there is no glass ceiling at the central bank, reports PTI.

“I don't think a glass ceiling operates for the governor (of the RBI) or for that matter, for any of its officers. At the RBI, all officers are treated as officers and not as women or men. I am an RBI officer like any other.

Because of one’s gender one would not be able to climb up the ladder here,” Ms Gopinath told PTI in her last interview as the deputy governor here yesterday.

“In my 39 years of life at RBI, never ever I felt that I should be treated differently for being a woman. Being women does not help or places one at a disadvantageous position at RBI,” she explained.

When asked about the highs and lows of her four decades-old career, Ms Gopinath said she enjoyed managing many a crisis situation during her long years of service.

“There have been many testing periods during my career at the central bank. But I always enjoyed such situations, because our responsibility is to ensure that the public confidence in the system is not shaken,” Ms Gopinath who joined RBI in April 1972, says adding since she has handled so many areas, does not feel that she has spent so many years.

Elaborating on the tough tasks that RBI has to handle, she says government borrowing is always a tough job, especially during a crisis. “See, managing liquidity is a big challenge.

Managing government borrowing means ensuring that the confidence in the system is not shaken and also ensuring that there is enough liquidity in the system.”

During the last crisis even the economy itself was in bad shape. So were the banks, with very low credit offtake.

Therefore, liquidity management was the biggest challenge for us, she recalls and reels out the list of serious crises as the Asian currency meltdown of 1997, the Kargil conflict of 1999, the Harshad Mehta stock scam of 1992, and ensuring liquidity during the India Millennium Bond maturity of 2000.

Ms Gopinath, who loves classical music, says she wants to give some time to herself before starting anything new. But she would like to continue to contribute to public policy and the financial sector one way or other. During the interim, Ms Gopinath, who said she does not have any particular hobbies, would like to listen to and learn some classical music.

Haling from Karnataka, Ms Gopinath has been handling the departments of internal debt management, foreign exchange, government and bank accounts, non-banking supervision, external investments and operations, financial markets, communication and legal, at the time of hanging up her boots.

Appointed as deputy governor on 20 September 2004 for five years, Ms Gopinath was given an extension till 20 June 2011.

Significantly, her previous colleague Usha Thorat was denied an extension after her five-year stint that ended on 4 November 2010, which raised many eyebrows. And so was the fate of V Leeladhar who was appointed on the same day along with Gopinath in 2004.

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COMMENTS

Nagesh KiniFCA

5 years ago

I've had the proud privilege of interacting professionally on NRI matters with Shymala Gopinathan when she was the Controller at the Exchange Control Dept. at Bengaluru, later with Usha Thorat at ECD Chennai and Kishori Udeshi at Ahmedabad. It was in deed a pleasure interacting with them. That they rose to be Deputy Governors speaks for itself. Lady DGs at that!
When we have a lady breaking the Glass Ceiling as India's First Citizen, CMs in a number of States why is the MOF still gender-biased in having males as Governors? One from the three could easily have been promoted!

Citi India net profit increases 78% to Rs1,859 crore in FY’11

Citi India total assets grew 17% to Rs1,11,586 crore as of 31 March 2011

American banking major Citi has reported a 78% jump in its profit after tax from its India operations to Rs1,859 crore in 2010-11.

The jump in profit came on the back of improvement in all key ratios, including net non-performing assets, which narrowed to 1.2% from 2.1% in the previous fiscal, Citi India said in a statement.

Its total assets grew 17% to Rs1,11,586 crore as of 31 March 2011 and were driven more by lending to corporates and small and medium enterprises, which grew 33% and 35%, respectively, it said.

Share of the cheaper CASA (current and savings account) deposits also went up to 56% from 51%, the release said.

During the fiscal, Citi helped Indian clients raise close to $16 billion of equity and debt capital which gives it a 14% share in the capital raising advisory business. Citi India’s total capital adequacy stood at 17.3%.

The total number of automated teller machines (ATMs) in the country also went up to 658 from 457. The bank operates 42 branches in 30 Indian cities.

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Glenmark gets USFDA approval for oral contraceptive tablets

USFDA has given final approval to Glenmark Generics Inc for their ANDA for Norgestimate and Ethinyl Estradiol tablets USP

Glenmark Pharmaceuticals on Monday said its US subsidiary Glenmark Generics Inc has received US health regulator's approval to market its generic oral contraceptives Norgestimate and Ethinyl Estradiol tablets in the American market.

United States Food and Drug Administration (USFDA) has given final approval to Glenmark Generics Inc for their abbreviated new drug application (ANDA) for Norgestimate and Ethinyl Estradiol tablets USP in the strengths of 0.18 mg/0.035 mg, 0.215 mg/0.035 mg and 0.25/0.035 mg, the company said in a statement.

"According to IMS health for the 12 month period ending March 2011, this triphasic 28 day regimen achieved total market sales of $226 million," Glenmark Pharmaceuticals added.

The product by Glenmark is a generic version of oral contraceptives Ortho Tri-Cyclen tablets by Ortho McNeil Janssen Pharmaceuticals Inc indicated for prevention of pregnancy in women.

"Glenmark remains the only Indian company to be granted ANDA approval for an oral contraceptive product and Monday's approval marks their fifth female hormonal product authorised for distribution by USFDA," the company said.

The company has 69 generic products authorised for distribution in the US market and 40 ANDA's filed with USFDA pending approval, Glenmark said.

On Monday, Glenmark ended 2.73% down at Rs299.10 on the Bombay Stock Exchange, while the benchmark Sensex declined 2.04% to 17,506.63.

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