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RBI autonomy fundamental, we have to maintain it: Bimal Jalan

Wednesday, January 11, 2017

A day after former RBI governor Y V Reddy flagged 'reputational risk' being faced by the central bank, another former governor Bimal Jalan today said its autonomy is fundamental and needs to be maintained.

"...The autonomy of the RBI — that is a very fundamental fact and we have to maintain it and I hope the government would give attention to that part also," Jalan said in an interview to a TV channel.

Reddy regretted yesterday that the institutional identity of Reserve Bank of India has been damaged and stressed that for central bank "reputational risk is worst risk". Jalan said one would have to wait and see how the relationship between the government and RBI develops which ultimately is a matter of coordination.

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