Banks Board Bureau Chairman Vinod Rai on Thursday backed the suggestion of a fixed 5-year term for Reserve Bank of India (RBI) Governor, adding that the current 3-year term was too short.
"The 3-year term for the RBI Governor with an extension of two years doesn't appear appropriate. Four or five or six years, the term should be fixed," the former Comptroller and Auditor General said.
Rai was speaking at the book launch of 'Who Moved My Interest Rates?' written by former RBI Governor D. Subbarao.
"Three years is too short a time to lay a roadmap for the RBI. Five years is good," he said.
It will be in the interest of the economy if a fixed term is given to the RBI Governor, Rai added.
--IANS
mm/tsb
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