No issue with veto power on key rates being taken away: Rajan | Business Line

No issue with veto power on key rates being taken away: Rajan | Business Line

My VIEW:

The elegance with which RBI Governor Dr Raghuram Rajan and Minister of State (Finance) Jayant Sinha fielded questions on the controversies arising from the proposals contained in the Draft Indian Financial Code circulated by Finance Ministry about composition of Monetary Policy Committee (MPC) on Tuesday is worth emulating by the political leadership in Delhi on umpteen other disputes coming up every other day.
Both did not make any new revelations, but emphasised the need for mutual trust. While Sinha tried to differentiate between proposals and conclusions, Dr Rajan fielded the question on MPC arguing that if veto power is retained, it doesn’t change status quo. But Governor did not forget to acknowledge the respect with which GOI treated RBI all along. By asserting that RBI has always enjoyed de facto independence in policy formulation, he has also indicated, where the buck should stop, in regard to monetary policy.
M G Warrier, Mumbai

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