RBI Vs. The Government

Unelected Bodies like RBI are Vital for Democracy

The RBI is the central bank for India. Central Bank in any country plays a critical role in the governance, RBI being no exception. The main objective of a central bank is to secure monetary stability. The objectives of the Reserve Bank of India Act, 1934, are “to regulate the issue of bank notes and the keeping of reserves with a view to securing monetary stability”.

The RBI’s core responsibilities are not different from the responsibilities of central banks of other countries that have an open economy. The premise on which a ....

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