5 min read.Updated: 07 Dec 2016, 04:39 AM ISTM.S. Sriram
If the central bank's board rubber-stamped the currency exchange decision, it is clear then that RBI's autonomy has been compromised
In a recent interview I had with Y.V. Reddy, a former governor of Reserve Bank of India (RBI), about financial inclusion, the first observation he made was: “The RBI board has representatives from agriculture, social services and even scientists. Most central banks are monetary authorities packed with economists. RBI is not just a monetary authority worried exclusively about issues of inflation, but much beyond."