28 September, 2020

“A Telephone Call Can Change Things”

Chairman of the FSLRC says that the new system will shake up the existing regulators

Amit Haralkar
“A Telephone Call Can Change Things”
outlookindia.com
-0001-11-30T00:00:00+05:53

The FSLRC recommendations have got a mixed response. In an interview with Arti Sharma, retired SC Justice B.N. Srikrishna, chairman of the FSLRC, says that’s because the new system will shake up the existing regulators. 

There are many dissenting views to your report’s focus on the Reserve Bank’s role.

The finance ministry will not be controlling the RBI. The RBI has too many things on its plate; no central bank in the world does the kind of work it does. What is the primary job of the RBI? To determine monetary policy. Here we have suggested the monetary policy committee. Please understand the country is being run by politicians -- in a democracy it is the job of the people elected to run the country. Now whether capital inflows should be there or not is a political decision. All we are saying is give the remit to the RBI at the beginning, quantify the objectives and do it in consultation with the RBI if needed. And if in the end, the RBI cannot do it, it has to...

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