Restoring credibility

Restoring credibility: New team at RBI comes up with sound, consistent guidance...



Excerpts:

"Recent events suggest that the Reserve Bank of India (RBI) is on the path to re-establishing its credibility. One widely expressed concern following the withdrawal of high-value currency notes last November was that the RBI, in the course of acquiescing to and implementing the programme, was in danger of losing a certain amount of credibility in the eyes of observers. Its hard-won reputation for independence and stability, bolstered by its decision to move to a monetary policy committee system and to formally become an inflation-targeting central bank, seemed to be under threat."

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