.......So, what about the autonomy of RBI itself? It was not so long back that former finance minister Pranab Mukherjee almost announced the monetary policy a good half an hour before it was unveiled, while speaking at a public event. That says it all. The government must not micromanage banks for the sake of good spirit of an evolving financial system. By doing so, it is also undermining the efficiency of managements in state-run banks, who are professionals with no less ability and conviction than any of their private-sector counterparts to execute business decisions. Finally, India has a central bank. It has time-tested skills sufficient enough to know when and how to do its job. Let’s not spoil the broth with many cooks.
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