The RBI's autonomy is only on paper and it is only an institution physically separated from the Central Government. All its functions are carried out in terms of the RBI Act of 1934 but with the tacit approval of the Government. As long as Government nominees are there on the RBI Board and Government expects RBI to get a clearance from the Ministry of Finance before announcement of any policy,there cannot be any autonomy for RBI. Further...........
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3 comments:
The relationship is like proverbial sasural: the mother-in-law listens to the daughter-in-law and tells what you say is fine but please do as I instructed.
No freedom is absolute. In fact, absolute freedom bay breed absolute anarchy.
Autonomy under GOI lens:
U r free 2 move any where but in the room.
haa haa...
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