RBI is a unique Institution and it has to play a totally different role in the country to give the economy a strong support to make it nationally and internationally known.The job requires both national and international experience, grip on the subject of economics and finance, market dynamics of the whole world and independent thinking without any political bias. Almost all the Governors with one or two notable exceptions perhaps have delivered what is expected of them and giving RBI an international recognition for its professionalism .The institution has since been losing its glory and independence and unfortunately it is being converted into a government of India undertaking like many a public sector undertakings with all characteristics of public sector where bureaucrats and politicians dictate and never allow them to work proficiently ,efficiently and professionally . RBI has earned a name and fame for its delivery of functions in a highly skilled and professional manner despite all the handicaps of political and bureaucratic interference thanks to the diplomacy and dynamism displayed by the Governors.The need for a knowledgeable,experienced and independently thinking governor is all the more needed now to make the dream and vision of the PM to make the economy the most vibrant and fastest growing and reach the top among all world economies a reality and make nation and people proud. This is possible only if the RBI is given the autonomy and freed from political and bureaucratic interference in its day to day functions and it is fully made accountable to parliament for all its functions and responsibilities.
Dr T V Gopalakrishna
