Worries about the RBI's autonomy should extend beyond the note-ban debate
The one regulator in India that dominated the news in 2016 was the Reserve Bank of India (RBI). First there was controversy about whether or not Raghuram Rajan would receive an extension for his tenure, which ended with Rajan announcing that he would not be seeking another term. Then Rajan’s predecessor D. Subbarao came out with a book where he has listed details of his disagreements with the government over various issues, and how he had to pay a price for it. The biggest of them all, however, was reserved for the end. With Narendra Modi government’s note-ban decision, questions about RBI’s independence and credibility seem to have become the running refrain.