Alok Sheel: RBI and the crisis of central banking | Business Standard Column

Alok Sheel: RBI and the crisis of central banking | Business Standard Column

My VIEW:

The article concludes:

"The RBI is one of the few institutions in the country that works well. The rationale of current attempts to reconfigure its policy formulation processes seems baffling, as it is violative of the golden rule that if 'ain't broken, don't fix it'. It anticipated the use of macro-prudential policy tools to target asset bubbles in the run-up to the GGC; it has stuck to monetary rectitude in its wake, despite constant criticism that it was 'behind the curve', even as central banks in advanced economies flogged monetary policy to its limits and fuelled new asset bubbles. After engineering the great escape from a second Great Depression, they seem to hoist with their own petard, unable to engineer an escape from unconventional policies. The RBI stands out as virtuous in comparison, its policy arsenal intact, its gunpowder dry and at the ready."

Coming from Alok Sheel, this view should receive attention.

M G Warrier

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