It is really surprising Why RBI Governor should disagree with the assessment of IMF on the independence of regulators of the Financial system. The very setting up of FSDC by the Govt is nothing but to take away the independence of the Reserve Bank in regulating the entire Financial system. Further, the Governor has directly and indirectly expressed his dissatisfaction over the Govts' interference in RBI's functioning and several reports have appeared in the press in the matter. Even the RBI which has independence to fix its own employees salary and pension has to refer to the Govt for clearance of the proposal is the position as on today. The Govt has two of its nominees in RBI Board, the need for that has not been convincingly made public. RBI and the GOVT have not been in agreement with the policies pursued by each other in the matter of controlling inflation and economic growth is a hot topic in the media for quite some time cannot be ignored by the governor. (This appeared in ET dated 16/10/13)
Friday, January 18, 2013
RBI disagrees with IMF says regulators function independently
It is really surprising Why RBI Governor should disagree with the assessment of IMF on the independence of regulators of the Financial system. The very setting up of FSDC by the Govt is nothing but to take away the independence of the Reserve Bank in regulating the entire Financial system. Further, the Governor has directly and indirectly expressed his dissatisfaction over the Govts' interference in RBI's functioning and several reports have appeared in the press in the matter. Even the RBI which has independence to fix its own employees salary and pension has to refer to the Govt for clearance of the proposal is the position as on today. The Govt has two of its nominees in RBI Board, the need for that has not been convincingly made public. RBI and the GOVT have not been in agreement with the policies pursued by each other in the matter of controlling inflation and economic growth is a hot topic in the media for quite some time cannot be ignored by the governor. (This appeared in ET dated 16/10/13)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment