In their letter, the unions said that “it is painful to note that RBI is being criticised from many quarters for its operational management.”
They said that the central bank’s “autonomy and image have been dented beyond repair.”
The letter comes at a time when former Governors Y.V. Reddy and Bimal Jalan also raised concerns about the eroding autonomy of the central bank. Y.V. Reddy said in an interview that RBI’s autonomy had been eroded and that recent criticism by global rating agencies now threatens to compromise the central bank’s hard-earned reputation.
