RBI’s Patel stresses value of ‘preventive vigilance’
Good outcomes more likely when actions subject to scrutiny, governor says
“Preventive vigilance” can lead to better governance at central banks and other organisations, Reserve Bank of India (RBI) governor Urjit Patel said on September 25.
In his remarks, Patel cited the work of Gary Becker, who outlined a model of criminal decision-making as a simple equation, based on the likelihood of being caught and the severity of the consequent punishment.
Preventive vigilance refers to the extent to which a person – not necessarily a criminal – is scrutinised in their
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