The RBI and its growing fiscal role
RBI’s record ₹2.87 lakh crore surplus transfer to the Centre shows its growing fiscal significance, as earnings from reserve management and foreign assets support govt. finances; the trend raises questions about central bank independence, fiscal centralisation, and exclusion of such transfers from fiscal devolution to…
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The Reserve Bank of India continues to operate within a well-defined framework and retains substantial operational autonomy | Photo Credit: REUTERS
Central banks occupy a peculiar position in modern democracies.
Governments spend, tax, and borrow.
Central banks, through their toolkit of monetary policy, manage inflation, preserve confidence in the currency, and safeguard financial stability.
Their credibility rests on maintaining a degree of distance from the fiscal compulsions of the governments they serve.
Recent developments surrounding the Reserve Bank of India (RBI) invite a closer examination of that relationship.
The Hindu Explains / Text and Context / economy, business and finance / Reserve Bank of India
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