The current governor, Urjit Patel is known to keep low profile, unlike his illustrious predecessor Raghuram Rajan. (PTI Photo) The current governor, Urjit Patel is known to keep low profile, unlike his illustrious predecessor Raghuram Rajan. The existing system for monetary policy formulation did provide for a Technical Advisory Committee. But having said that, an MPC should still lead to a more transparent method of determining interest rates, based on the opinion of not one, but six wise persons. That, within a modern monetary policy framework, should also ensure more accountability when it comes to delivering on inflation.

Source: Indian Express September 23, 2016 18:45 UTC