A new framework for monetary policy | Business Line

A new framework for monetary policy | Business Line

My response:

February 7, 2014
Need of the hour: Open debate on policy

The concluding observations on the structure and performance of the Technical Advisory Committee advising RBI on Monetary Policy and the need for open and constructive debate on recent reports recommending comprehensive changes in the areas of policy framework and regulation in the financial sector need more emphasis.
Reserve bank of India should try and meet the expectations of S S Tarapore who had opportunity to be part of policy formulation during a crucial era (initial years of financial sector reforms) and has been closely watching and suggesting corrective steps on time for more than two decades now.
RBI should not become instrumental in pushing through select recommendations of ‘cut and paste’ or tailor-made reports produced with interests of certain constituencies in view. The suggestion that FSLRC report and those of Patel and Mor Committees should be examined in a co-ordinated manner gets more relevance in this context.

M G Warrier, Thiruvananthapuram



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