Tuesday, August 4, 2015


                                       RBI'S AUTONOMY SHOULD  BE RETAINED.

        The latest confusion regarding trimming Reserve Bank Of India's powers
        about  monetary policy making is not in the interest of the country.Under 
        the present system,the RBI Governor has veto power over the existing
        advisory committee of RBI members on the monetary policy for setting
        the interest rates. One wonders why the governments of the day wants 
        to clip the powers of RBI on deciding policy rates.

        Even in 2010,during the budget speech, the then Finance Minister mooted 
        the idea of creating a Financial Stability & Development Council chaired
        by himself.It was feared that this body may become a "Super Regulator"
        in the hands of the bureaucrats of the Finance Ministry.

        Reserve Bank of India,the Central bank of the country should be 
        autonomous and should be an adviser to the government on the monetary
        policy and also to set and regulate the interest rates.


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