The Indian government is doing away with many unnecessary clauses in its companies law. It may also have dropped a very necessary one
In the 1960s, when the Reserve Bank of India (RBI) erected the statues of Yaksha and Yakshini, the mythical guards of wealth, in front of its offices, it led to a mini uproar among the prudish in society. A lawmaker asked Parliament what was the object of erecting the statue of a naked woman (Yakshini) at the gates of the central bank. The symbolism of RBI’s role as the guardian of the nation’s wealth was lost on such critics. But, bank nationalisation proved that a strong regulator was necessary to keep the financial system from losing its clothes.
(This story appears in the 04 December, 2009 issue of Forbes India. To visit our Archives, click here.)