Proposed new India Financial Code, likely to whittle RBI’s role in monetary policy - Moneylife

Proposed new India Financial Code, likely to whittle RBI’s role in monetary policy - Moneylife

My VIEW:

Coming soon after RBI had
accepted the challenge to chase an inflation target, the move based on an FSLRC
report, which contained half-baked and ‘cut & paste’ recommendations, is
unfortunate. One still hopes, wiser counsel will prevail and the RBI Governor
who is expected to evolve and implement monetary policy will not be 'disarmed'.
Whether one calls it VETO or the right of the leader guiding his team,
Governor, RBI should have the final say on how RBI conducts monetary policy.
That the whole move is in
bad taste is confirmed by the proposal to re-designate Governor as Chairperson.
The silver-lining is that as of now we have Dr Raghuram Rajan as Governor whose
eminence will not be reduced by change of designation. RBI will withstand the
pressures under his leadership.
In their hurry to show
‘results’, it seems the NDA government is rebottling UPA II’s wrong policies.
In financial sector, such thoughtless measures may breed chaos.


M
G Warrier, Mumbai

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