The Reserve Bank of India governor has said that because members of the Monetary Policy Committee (MPC) did not wish to meet finance ministry officials before its credit policy meeting on June 7, the meeting did not take place.
This stance of the MPC has not only enhanced its credibility but also that of the RBI in upholding its image of independence, insofar as the conduct of the MPC is concerned.
The image of the RBI as an autonomous institution had eroded over time. Hence, this development is most welcome. The MPC might be right or wrong in its stance, but it is entitled to swim or sink on the basis of its views.
A Chandramouliswaran via email Letters can be mailed, faxed or e-mailed to:
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