It is little discomforting to comment on the personal views of an eminent Justice on an issue which he had opportunity to examine threadbare. But here, one is compelled to clarify certain misconceptions which are being conveyed to the media. One, Reserve Bank of India all along has been functioning within the mandated contours of responsibility and whenever central bank’s autonomy has surfaced as a contentious issue, it has happened when North Block has attempted to manipulate RBI’s perceptions by pre-emptive tactics through media or otherwise. It is public knowledge that GOI-RBI consultations are an ongoing process and these have never been dependent on the incumbent holding the position of RBI Governor. Recent years have seen RBI working with maximum transparency in policy formulation and implementation. Discussion papers on policy issues, draft guidelines on regulatory measures are notified to invite comments of stake-holders. Just as judiciary cannot function the same way as legislatures function, financial sector regulators may not be able to go by ‘majority vote’ on each issue.
- M.G.Warrier
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