Guv vows to uphold RBI's autonomy; open to consultation

Last Updated 12 December 2018, 13:48 IST

New RBI Governor Shaktikanta Das on Wednesday vowed to uphold the core values of the central bank including its autonomy, however adding that he is open to consultation with all stakeholders.

“I will do everything to uphold core values and the autonomy of RBI. RBI has the core competence to deal with any technical or monetary issues,” Das said in an apparent relief to investors and other stakeholders, who were looking for cues from the Governor on autonomy and independence of the central bank.

The governor, however, said that a free, fair and frank discussion between the government and the RBI was necessary and he would not shy away from discussing anything with the government, including the contentious capital transfer issue.

"Government is not just a stakeholder but is running the country and RBI. I think all issues can be resolved through discussion," Das told reporters.

His comments on autonomy and reserves transfer will be keenly watched by the markets and investors which are looking for a direction amid a looming political uncertainty ahead of parliamentary elections next year.

“Every institution needs to have autonomy and professional integrity,” Das said.


The 61-year-old retired bureaucrat, who until now served as the member of 15th Finance Commission, however, said that the government's views were important in matters of economic importance as it ran the country and its economy.

On liquidity, he said an interaction with stakeholders was important and Thursday's meeting with PSU bank heads will include PCA and liquidity issues.

“The issue of liquidity also comes up in the media space and the public space from time to time. There again, I think that will be an area, where one has to interact with stakeholders and get an internal feedback and then take a view on these issues," Das said.

(Published 12 December 2018, 11:48 IST)

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