Joseph Stiglitz recently claimed that: “The notion of the desirability of an independent central bank was predicated on the belief that monetary policy was a technocratic matter, with no distributional consequences.” From this he concludes that: “The crisis has called into question the notion of independence”. Japan provides a real-life example of a central bank that has come under political pressure.
I am happy to state that we have decided to constitute a small group comprising the representatives of the RBI and the ICAI who can meet at regular intervals and sort out pending issues relating to standardisation of audit formats, concurrent audit of banks and empanelment of auditors as well as implementation issue on certain accounting standards.