It is not very much clear Why Shri A. Chandramouliswaran, a former Executive Director has given a small writeup about RBI autonomy - a myth (VITALINFO -1st Feb. 2012). The Central Board shall consist a Governor and not more than four Deputy Governors to be appointed by the Central Govt. Four directors to be nominated by the Central Govt one from each of the four local boards. Ten directors to be nominated by the Central govt. One Govt offiial to be nominated by the Central Govt. The Central Board is full of Govt nominees and they will toe the Central Govt policies. How any one can expect RBI can be an autonomous body. One of our friends has also commented about the delay in our pension upgradation. I put a straight question whether any of the Central Board Directors raised the upgradation of pension issue of retired employees in any of the Board Meeting. So far it has not been included as item for discussion. They will be busy framing endless rules, regulations, codes, norms and guidelines for the corporate world, banks, insurers, and every financial intermediary. India's regulators, like the political class and powerful bureaucracy, are accountable to none, because we do not have a structure of transparency, oversight and accountability.
The very purpose of VITALINFO is to provide a platform for wider dissemination of updated information related to and happening of events in and around RBI.
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