Today, I would like to highlight some recent developments and discuss certain issues of contemporary relevance relating to the evolving role of RBI. First, compared with several countries which introduced rapid reforms in central banking law and governance in the last about two decades, the Indian experience reflects an evolution or adaptation of central banking to new economic realities.
These changes were brought about both through some legislative measures and changes in operating procedures. Second, this evolution has inter alia contributed to imparting some autonomy to the central bank, de facto, particularly in the areas of monetary management and financial regulation.