How the RBI can get its act together

In the concluding part of the series, the author draws attention to the central bank's problems that need urgent fixing

The Securities and Exchange Board of India (SEBI) framed regulations for credit rating agencies (CRAs) way back in 1999. Indeed, India was the first jurisdiction in the world to do so. The idea behind such regulation was to protect investors. However, the more frequent users of credit ratings are banks and non-banking financial companies (NBFCs), which are regulated by the RBI. Has the RBI taken a single step to make CRAs more effective and efficient? Has any back-testing been done by the RBI? Or has it asked banks or the Indian Banks' Association to assess the efficacy of credit ratings?