To get future ready, RBI re-drafts core purpose | Business Line

To get future ready, RBI re-drafts core purpose | Business Line

My view:
Though the text of the
final vision document prepared by RBI will be available in the public domain,
only after it goes to RBI’s central board, it would be appropriate to go on
record appreciating the initiative by the Bank and its present Governor Dr
Raghuram G Rajan to complete a task envisaged in the preamble of the RBI Act,
1934. The Preamble stated, inter alia,that
“… … But
whereas it is expedient to make temporary provision on the basis of the
existing monetary system, and to leave the question of the monetary standard
best suited to India to be considered when the international monetary position
has become sufficiently clear and stable to make it possible to frame permanent
missed several opportunities during the past 70 odd years to take up the task
envisaged in the Act. Even the recent review of Financial Sector Legislative
Reforms Commission bypassed this objective, in its anxiety to comply with some
seemingly unwritten mandate to destabilise regulatory institutions.
RBI has come
out with its vision document at the right time.
M G Warrier,


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