.......The events of the past few weeks have hurt the credibility of both the finance ministry and the central bank, especially the latter. Credibility is important in the conduct of policy in a market economy, ..........
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1 comment:
Very true. Restoring credibility is an uphill task. RBI has been functioning in an uneasy environment for some time now mainly because FM and some officials in his ministry have been asserting GOI’s ownership rights on the central bank. RBI’s work culture and the maturity shown by the RBI Governor and his team, in a way, avoided an open clash in the recent period. The coming days will be more tough from the relationship angle for Mint Road and North Block, as the new RBI Governor has not been through the ‘IAS’ diplomatic experience.
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