What is interesting to note here is that this responsibility was assigned to the RBI in an era probably long long before the concepts like customer service, customer experience, customer satisfaction, customer delight and “customer centricity” found an entry into the lexicon of the banking or business world and became rather fashionable.
That applies, above all, to a monetary union in which the stability costs of government debt and deficits also have to be borne by others. (2)  Only budgets which are on average over the cycle balanced in surplus provide scope for the steadying influence of the automatic stabilisers and at the same to reduce long term debt levels.