A Fly on the RBI Wall is the restricted autobiography of a person who was possibly the first communications specialist of the RBI. It may be called a restricted autobiography because the author deals only with her career in the RBI and does not go beyond these contours.
Joining the organisation in the early 1990s when then governor S Venkitaramanan appointed her to this rather ambivalent position, the communications function in the central bank has evolved and matured to be one of the best in the world. Alpana Killawala, a former journalist, joined the RBI at a senior level of deputy general manager knowing well that upward movement could be a challenge given the rather hierarchical structure in the bank. But the excitement was in making this department not just relevant but crucial.
The importance of the communications function went beyond just the issuance of circulars and internal newsletters. These are rather ‘dry functions’ that can be monotonous because the department becomes a passthrough vehicle. Communicating with the outside world was the new experience for the organisation and going by what the author has covered in her book, all the governors were cognisant of its importance and gave the respect it deserved.
Killawala is a great storyteller and hence narrates her experiences with panache, which makes the book interesting to read. Dealing with the media on a regular basis was not a habit in the RBI, but the governors she worked with were on the same page when it came to speaking more to the press. This meant that there would be less room for speculation. Hence, having regular meetings with the media, which seem quite stylised today after the credit policy is announced, was an initiative jointly taken. Such continuous communications also helped to develop a healthy relation with the press, which would, in turn, also respect the confidentiality aspect when required.
The author writes about her working with various governors of the RBI in different chapters. Interestingly, she does not have a chapter with the title of Urjit Patel, though she had worked with him. In general, there was a spirit of camaraderie with the governors and her experiences were more than good with each one of them. They have been open to suggestions from the professional and rarely went against professional judgment. Also, any so called ‘goof-ups’ did not lead to any criticism or reprimand but taken in the stride.
By calling the book as a ‘fly on the RBI wall’ one interpretation that can be inferred is that it gives a view from inside by just being there. Just like how the fly gets to see everything without being a part of activity, the author was able to gather several inputs. For instance, there is a major class distinction in the RBI where the economists consider themselves to be superior to the generalists. Hence while inter-department transfers did happen, acceptance was limited with only secondary jobs being given to those coming in from the other group. Interestingly, she highlights the fact that when Raghuram Rajan came in as governor, everyone was in awe of him given his credentials and looks. However, the group of economists did not think much of him as he did not have an economics but a finance background, which they believed did not provide the gravitas that was required for the man at top.
Also, she writes about her own challenges while working at the bank. While the governors appreciated and consulted with her, there was resistance too down the line. The fact that she was junior to many seniors meant that her access to the governor was not looked at with positivity. Getting accommodation was an issue, and the feeling she got was that she would be ‘taken care’ of by the system once the governor changed! Fortunately, all governors were appreciative of her work. But that did not solve her problems, as department heads did not want her to change the communications from their side and wanted their script to be the final one. These could be called professional challenges for anyone.
Similarly, while she wanted to be part of several meetings where policies were discussed, the seniors below the governor did not like the idea. Her view was that by being in the meeting, she would understand the nuances and would be able to be the first point of contact with the media. The governors agreed, but the others were resistant. The author also highlights the hierarchical nature of the central bank, which basically meant that files had to move all the way up for decisions to be taken, which could take a lot of time. And while operationally she worked with governors, for policies, the papers would get stuck in the red tape.
The author has her take on the demonetisation process too, and takes a view that it may not have been required. Those days were challenging as rules were changed on a daily basis to the extent that the RBI came be to be called the Reverse Bank of India. Absence of clear communication created more panic and distress for all citizens.
The author, however, takes credit for leading the entire designing of the RBI website where she was given a free hand. Hence a lot of what we see and appreciate about the wholesomeness of the website would be because of her initiative. The narrative is smooth in the book and while highlighting issues where RBI communication mattered, she also explains them for the reader. Hence the Harshad Mehta scam or the devaluation crisis is explained for the layman, which makes the book readable and not esoteric. She has good things to say about all the governors, with each one contributing not just to the concept of central banking but also the well-being of employees. Bimal Jalan did get all the staff flats renovated and also saved the department heads the embarrassment of seeing off the commercial bank chiefs in their chauffeur-driven cars before hailing a taxi to go to office by providing this perquisite.
This book is a must for anyone in the communications department of any company as it acts as a guide on what needs to be done to ensure proper messaging to the media and also protecting the brand.
Book: A Fly on the RBI Wall: An Insider’s View of the Central Bank
Author: Alpana Killawala
Publisher: Rupa Publications
Pp 248, Rs 595
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