Letters: RBI not independent

Letters: RBI not independent: Reddy must remember that the RBI has autonomy and not independence...

Excerpts:
"Reddy must remember that the RBI has autonomy and not independence. RBI can work independently within the framework of the monetary policy committee (MPC) where the governor has his final say if there is a tie. When the MPC was being worked out, an issue was raised about interference by the government. And who wanted the MPC? Urjit Patel and Raghuram Rajan himself. So interference by the government in the powers of RBI has a long and chequered history. It is unfair to raise the issue now at the time of demonetization. It gives the wrong impression that demonetization is an affront to the jurisdiction of the RBI. It is not."

My VIEW:

This supplements my views contained in "Cure is within reach" published by Business Standard on January 16, 2017. It is unfortunate that media is being given an opportunity to divert from real issues by mixing up RBI's functional autonomy issue with problems arising from demonetization.

M G Warrier


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