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At Last, RBI’s Accountability Is Being Questioned in Multiple Forums

What happens when a regulator digs in its heels and takes advantage of its independence to become unaccountable, non-transparent and capricious in all its roles—such as licensing, regulating, inspecting and supervising banks and finance companies as well as trading in debt and foreign exchange? Things reach a breaking point. For nearly three decades after India embarked on a massive economic liberalisation programme, the Reserve Bank of India (RBI) has repeatedly failed to detect massive scams and wrongdoing but has never been held accountable. Weak supervision (from the securities scam of 1992, to IL&FS in 2018), failure to check dubious […]

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