When the RBI listens and communicates to bring change in the system

Regulation-making has become collaborative with changes first being brought in the form of a discussion paper or a draft circular

Something unusual happened during the post-policy press conference of the Reserve Bank of India (RBI) on April 5. Just before the close of the conference, Governor Shaktikanta Das extended new financial year wishes to everyone. In my experience – and I may be corrected by more prolific followers of the RBI – this was the first time an RBI governor had done so. While this went largely unnoticed and the policy per se was non-event as expected, the significance of Das’s wishes should not be lost. In my view this shows a paradigm shift in the RBI’s approach towards economic