Who’ll watch finance watchdogs?

.....Clearly, the RBI has seriously fallen short of attaining amorphous objectives such as “operating the credit system to the country’s advantage”. As for monetary stability, the less said the better. The RBI’s serious under-performance in generating and preserving monetary stability — which is the same as preserving the purchasing power of the paper currency — is there for all to see. The inflation experience testifies to that. The case for clearly defined and measurable economic objectives for a policy-maker and regulator such as the RBI is very strong. And that is precisely what the FSLRC has recommended......

Read - HBL