Letters: Think of RBI's future | Business Standard Letters

Letters: Think of RBI's future | Business Standard Letters

My VIEW:

This refers to Sukumar Mukhopadhyay’s letter captioned “Think of RBI’s role” (August 11). This excellently sums up the possible rational approach to RBI's role in general and the proposed Monetary Policy Committee in particular. In the Indian context, with due respect to T C A Srinivasa-Raghavan’s association with RBI, one has to beg to differ with the analogy of "Fly in the bottle"and point out that RBI happens to be the “Curd in the Pot”, if at all an analogy was needed to explain RBI’s position. There has been unending disputes about whether curd is dependent on the pot for its existence or whether the pot gets value addition because it contains curd (Thakrasyaadhaaram Ghatam vaa Ghatasyaadhaaram Thakram?). Government and people of India, like the pot, are dependent on the central bank for retaining the strength of the economy.

Y V Reddy’s oft-quoted observation that the contours of RBI’s autonomy is decided by government cannot be disputed. But stifling a statutory organisation’s functional autonomy within the pre-decided mandates, by back-seat-driving by any forces, brings down the reputation of both the institution and the owner, in this case GOI. RBI's autonomy or independence of monetary authority within the contours of government policy is not an issue just affecting those at the helm of the central bank.

The political leadership’s selfish interest to have birds of passage  at the helm of all limbs of governance,  which will parrot the view of the day’s government, which finds expression through  measures like ensuring government-nominee domination on boards and committees, is a disturbing phenomenon, and needs to be curbed.
M G Warrier, Mumbai

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