Since demonetisation was announced on 8 November, India’s austere and technocratic central bank has become the butt of online jokes. But he should have one and only one concern now: to rebuild trust in the central bank’s competence and independence as quickly as possible. As the union’s letter noted, the RBI’s implementation of the demonetisation policy has gravely damaged such faith. A well-functioning central bank would have released much of this information by now. But Patel’s job is to protect the RBI’s reputation, not the government’s.

Source: Mint January 18, 2017 03:29 UTC