Topic: Statutory, regulatory and various quasi-judicial bodies; Development processes and the development industry- the role of NGOs, SHGs, various groups and associations, donors, charities, institutional and other stakeholders
3) A well-informed public can serve as a watchdog more effectively than existing banking regulatory bodies. In the light of recent banking crisis and resultant issues, comment on the statement. (250 Words)
Why this question?
Role of regulators is in news. There will be a question on regulators almost every year. This questions tries to elicit your opinion about public themselves being regulators/watchdog.
Key demand of the question:
Through various arguments, argue that present regulatory bodies are weak and the public itself can act as powerful watchdog provided banks are more transparent. This should be done in the light of current affairs.
Comment: Your opinion in the form of arguments and supporting facts needed.
Structure of Answer:
In the introduction, write what the failure of regulators and lack of transparency has done to banking sector and why public needs more say in this smatter.
In the body, in 4-5 main arguments (small paragraphs/points) argue each aspect – failure of regulators, lack of transparency, RTI, etc – and comment why public can be a powerful watchdog. Don’t forget to mention recent current events (You won’t get all points in the reference article. You need to think and answer on your own)
In the conclusion, write about larger role of regulators and why public are stakeholders. You may comment on the failure of state as well.