Dr. Bimal Jalan at the time of laying down office as Governor in 2003 remarked: "the autonomy of a central bank is best set by convention rather than by statute, especially in emerging countries. There should be harmony between the government and the central bank with shared objectives, though the instrumentalities in achieving the objectives may be different”.
4  BIS Review 125/2007  Harmonious relations between Government and RBI have no doubt generally contributed to the successful policy outcomes thus far, but it would not be appropriate to conclude that there are no differences in analysis, approaches, judgements and instrumentalities.