.........The high-decibel controversy over London Interbank Offered Rate (Libor) manipulation is a case in point. As a regulator known for prudence, bordering on what some would call paranoia, the Reserve Bank of India (RBI) has always been taken cues from developments abroad. But in the aftermath of reports that Libor, the benchmark rate that determines the interest rate on financial transactions worth an estimated $360 trillion, globally, there has been an inexplicable silence from the central bank. To be sure, there is not much the RBI can do regarding the alleged misdeeds of British banks in deliberately under-reporting Libor except hope that there is a clean-up, and soon......
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