RBI deputy governor Viral Acharya reminds government the importance of an independent central bank

Reserve Bank of India deputy governor Viral Acharya on Friday spoke about the importance of importance of an independent central bank This theme is certainly one of great sensitivity but I contend it is of even greater importance to our economic prospects. I earnestly hope that I have done some justice to his immortal legacy to independent economic discourse and policy-making, he said. The RBI has made good progress in earning its independence, most notably in the monetary policy framework Acharya added. According to Acharya, to secure greater financial and macroeconomic stability these efforts need to be extended to effective independence for the Reserve Bank in its regulatory and supervisory powers over public sector banks, its balance-sheet strength, and its regulatory scope.

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