These are not the happiest of times for India’s central bank. The Reserve Bank of India (RBI) has faced unprecedented criticism over its handling of the demonetisation of high-value currency notes.
Some allege that the RBI governor and its board of directors caved in to pressure from the government. Others contend that RBI stumbled on implementation. Yet others see the episode as another sign of the Narendra Modi government’s penchant for undermining the autonomy of institutions. The critics are getting carried away.
Let’s begin with the decision to demonetise. RBI has outlined the sequence of events in its response to Parliament’s Standing
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