......On the RBI, FSLRC is clear that “alongside this independence, an accountability mechanism needs to be set up.” The commission wants to review the laws related to monetary policy and draft a monetary policy law emphasising the issues of independence, enumerated objectives, enumerated powers, and accountability mechanisms. The RBI has been opposing the creation of an independent public debt management agency, another recommendation by the FSLRC. The commission is for carving this function out of the RBI and making it independent. It also mooted that three functions of the RBI be performed by distinct boards which oversee the three areas of work of monetary policy, payments regulation and supervision, and banking regulation and supervision. There are hints about the need to clip the wings of regulators. .....
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