The FM does not manage RBI, but he ensures that his intentions and desires are scrupulously followed. Holding the power even to fix the salaries and pension of RBI staff and making the institution to gradually lose its international image as a well run Central bank, the Finance Minister dictates terms to RBI. Except for the last few months where the Governor has been stubborn, (only in its monetary policy stand) the FM has made RBI to function as the ministry wants. These pronouncements mean nothing but to confuse the public.
- Dr.T.V.Gopalakrishnan
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