RBI identity has been damaged: Former governor Y V Reddy

In a TV interview, he said impression now is that RBI is now only responsible for monetary policy

Former Reserve Bank of India (RBI) governor Y V Reddy criticised the state of affairs at the central bank, stating that the institutional identity of the hallowed organisation has been damaged. 

In an interview with CNBC TV18, Reddy, who served as RBI governor between September 2003 and 2008, said the impression now was the central bank was now only responsible for the monetary policy. Earlier, the impression was the RBI governor was as powerful as a minister. 

“Now, there is a committee where the Cabinet secretary is the chair and the governor is a member,” he said. 

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