Retain RBI's Independence in tact.

Never before has RBI's name been more besmirched than today.

The PAC wants to prosecute the Governor.

Wait for a few days more. It wont be an exaggeration if RBI becomes a part of the Ministry of Finance  and gets named as Central Banking Division headaed by a Joint Secreatay . Its Identity as an Independent Central Bank of the Country would be totally eliminated as things stand today. Its autonomy and Independence depends on the top  management and the way it handles its functions as envisaged in the Reserve Bank of India Act, 1934. RBI has earned worldwide recognition and is known as one of the strongest Central Banks amongst many a well rated Central Banks  for its professionalism, competence and  integrity in discharging all its functions keeping the interests of the people, the economy and maintaining inter-alia the democratic image of the Government Strong and Well noticed. RBI's way of handling both domestic and international economic problems is time tested and it has not only survived but also could keep its image very high in handling very ticklish issues like Balance of payment crisis in the early 1990s, foreign exchange crisis faced by the asian economies in late 1990s and global financial turmoil in 2008 etc. The very fact that RBI has earned a name for itself and the Government in power among both advanced and emerging economies  is something unique and this needs to be protected in the interests of the nation and the economy.   

Dr T V Gopalakrishnan