From Dinosaur To Cheetah: RBI Highlights First Steps In Docuseries
The RBI's efforts to make itself a more household name does come through well in the episode.
The screen turns dark.
Someone opens a caged door to a dimly lit room.
The camera follows T Rabi Shankar into a vault where stacks of gold bars are kept.
He lifts a bar, while explaining that each bar weighs exactly 12.5 kilogrammes.
Sankar almost drops it.
With a cheeky smile he says "it's…it's quite heavy".
This is how the first episode of the Reserve Bank of India’s docuseries ends. The series is part of RBI's efforts to demystify itself to the broader public after its 90th year celebrations concluded in December.
This is also the first time that the central bank has opened the doors to its vault where all its domestic gold holdings are placed. About 870 tonnes, an astonishing number.
Last year, newspaper headlines screamed that the RBI had brought back nearly 102 tonnes of its gold back to India on Dhanteras. The move was of course part of a strategic initiative by the regulator to hold a larger part of its gold in domestic vaults, rather than foreign locations.
That was also a complete reversal of the 1991 period when the central bank was forced to pledge a part of its gold holdings in locations abroad to raise foreign exchange. The 1991 balance-of-payments crisis was resolved quickly and the RBI regained ownership of its pledged gold, though it continued to hold some abroad.
The docuseries, produced by Chalkboard Entertainment for streaming platform Jio Hotstar, starts off with the dramatic transfer of gold holdings in 1991.
The secrecy of the transfer amid political turmoil in India is beautifully captured through the lens of legendary news photojournalist Sudharak Olwe. The Padma Shri winning photographer describes how he followed a cavalcade of cars and police vans one fine day, thinking something was off. It turned out to be the biggest story of the year. Shankar Aiyar, who was the reporter on the story for the Indian Express, shared how he ended up at the airport, thanks to Olwe, to witness the gold transfer.
The RBI's efforts to make itself a more household name does come through well in the episode. The dramatic recreation of real events are where the episode truly shines. The interviews with insiders do what you need them to do — establish context. Though the fictional storyline which supports the main thread may have needed a more deft hand.
Governor Sanjay Malhotra explains that most households know the RBI from the currency notes in their wallet. Deputy Governors Sankar and M Rajeshwar Rao explain the broader mandate the RBI has to maintain the smooth functioning of the economy. Rao also explains the turning point when the RBI went from being "a dinosaur to a cheetah".
Though why the deputy governor did not say "tiger" is a mystery for the ages.
