Declare RBI as Government Department? It is time Government make it transparent what is meant by Autonomy for RBI? RBI's most of the vital functions including the monetary policies are carried out after consulting formally and informally the Government and the Government directly and indirectly exercises lot of control on RBI. The fact remains that RBI does not have even the power to update the pension of its own retired officials who survive on a pittance amount fixed in the 1990s is a reality and the Government has stopped the RBI Board in updating the pension and has been dilly dallying for more than a decade avoiding giving its approval. If the RBI gets merged with the Government, at least its employees who include retired employees in particular can have a better compensation on par with the Central Government and the Central Government can run the banking system the way it wants.
Dr.T.V.Gopalakrishnan
(This comment is given in response to an article Bank license appeared in Business Standard dated 28/3/14)
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