RBI failed to do what it could do to protect its image as an Independent Central Bank.

All said, Dr Rajan also could not save RBI from its failure in various responsibilities particularly Regulation and Supervision of the Finacial system and the banking system in particular. The Instiution lost its glory and image and it has been reduced to a division of the Ministry of Finance and is being dictated as to what to do with its functions. The Instiyution has lost its independent thinking and operational freedom and some speeches here and there by the Governors have not helped to protect its reputation. No doubt individually almost all Governors have done well with their outspokenness, academic brialliance , but only a very few can claim that they have kept the image of RBI in tact under all political massacres the Institution had been subjected to. Dr Rajan is also not an exception. He came and conquered and kept his credentials in tact but allwed the instituion to weaken as all his predecessors except one or two perhaps. History of the Reserve Bank  if written unbiasedly will vouch for that. RBI has failed to do what it should do is the ground reality and this is because even veteran Governors failed to do what they could do.

Dr T V Gopalakrishnan

( This comment appeared in Financial Express dated 24/8/17 against the article Raghuram Rajan pens book RBI stint in turbulent times)