Former RBI deputy governor K.C. Chakrabarty’s statement that it should be made accountable to Parliament as it is created by the legislature, and has “more autonomy and less accountability”, is surprising even though coming from someone as outspoken as Mr Chakrabarty. He admits the RBI’s current accountablity to Parliament is through the finance ministry, but obviously feels this is not direct enough as he suggests a debate on it. That could be fraught with danger........
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2 comments:
Dr Chakrabarty has spent his life as a commercial banker and always subservient to Ministry of finance. He has never been able to get over that feeling during his stint in RBI . He never took a tough line against impositions by MOF on RBI and always scared of them . I am proud that RBI officials and Governor have exhibited their independence.
While Dr. Chakarbarty is leaving RBI and why at this juncture such a statement from him.
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