The Reserve Bank of India (RBI) is a highly esteemed organisation, which takes pride in its independence as well as its diligence and analytic abilities. It is a matter of concern, therefore, that one prominent businessman, ostensibly one of the biggest borrowers from the banking system, sits on its Board of Directors. Perhaps, it is time the RBI published the minutes of its boardroom discussions so that the public is informed if there is any undue influence from the Board of Directors in keeping real interest rates in the banking system negative. Alternatively, it could publish a characteristically brilliant piece on why central banks are absolved from conflict of interests.
Rohan Soares Mumbai
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