Bureaucracy tries to erode RBI governor's powers: Raghuram Rajan

More clarity about the central bank's role needed, he writes in 'I Do What I Do'

Former Reserve Bank of India (RBI) governor Raghuram Rajan has reiterated his concerns over the bureaucracy impinging on the powers of the central bank. He has also said it should be made clear that the RBI chief is not just another bureaucrat.

“There is a danger in keeping the position (of the RBI governor) ill defined, because the constant effort of the bureaucracy is to whittle down its powers,” the 23rd RBI governor has written in his book, I Do What I Do.

“This is not a recent phenomenon...” the former governor has written. “The RBI risks becoming dangerously weakened,