When D. Subbarao took over as governor of the Reserve Bank of India (RBI), he promised to make the functioning of the bank more transparent and demystify policymaking.
On Tuesday, RBI took a big step towards that goal: it released the main points of a meeting of its technical advisory committee (TAC) on monetary policy. It promised to release these records in future with a four-week lag.
What is remarkable is that RBI is not mandated by law to release such data, as other central banks such as the US Federal Reserve and the Bank of England are. Therefore, criticism that RBI did not disclose which member voted what way is misplaced. It does not matter if the sum and substance of deliberations, including dissent, are reported accurately. The danger here is that the fear of disclosure of the voting record may prevent members of TAC from speaking freely.