PARAGRAPH,WORDS AND MEANINGS

0
52

Topic Of The Day:-“The Rbi Concedes A Vital Principle”

 

Its Openness To The Board Discussing All Policy Decisions May Well Be A Paradigm Shift

The angel was in the detail of the terse press note that the Reserve Bank of India (RBI) issued after the meeting of its board of directors on November 19. Every one of the four decisions taken, including three decisions related to regulation, was ascribed to the board. The note also mentions that the constitution of a committee to examine the economic capital framework of the RBI, which was one of the decisions taken, will be jointly determined by the RBI and the Government of India.

These announcements constitute a significant departure from what has appeared to be the position of the RBI thus far: policy decisions, especially those relating to regulation, are the exclusive province of RBI management. Any departure from this position amounts to an infringement of the RBI’s autonomy.

The government and some of the current nominee directors on the RBI board have contended that all policy decisions must be deliberated by the board. The outcomes of the November 19 meeting suggest that the RBI has conceded this vital principle. This augurs well for the relationship between the government and the RBI management hereafter. Indeed, it may well constitute a paradigm shift in the functioning of the RBI.

 

MEANINGS AND WORDS

1) terse

Meaning : sparing in the use of words; abrupt(adj).

Synonyms : brief

Antonyms : verbose

Example : “a terse statement”

2) ascribed

Meaning : regard something as being due to (a cause).

Synonyms : assigned

Antonyms : relieved

Example : “he ascribed Jane’s short temper to her upset stomach”

3) infringement

Meaning : the action of breaking the terms of a law, agreement, etc.; violation(n).

Synonyms : violation

Antonyms : infraction

Example : “copyright infringement”

4) contended

Meaning : struggle to surmount (a difficulty).

Synonyms : argued

Antonyms : agreed

Example : “she had to contend with his uncertain temper”

5) conceded

Meaning : admit or agree that something is true after first denying or resisting it.

Synonyms : approved

Antonyms : confronted

Example : “I had to concede that I’d overreacted”

6) augurs

Meaning : of an event or circumstance) portend a good or bad outcome(v).

Synonyms : foretokens

Example : “the end of the cold war seemed to augur well”

7) paradigm

Meaning : a typical example or pattern of something; a pattern or model.(n)

Synonyms : model

Example : “society’s paradigm of the ‘ideal woman’”