You manage interest rate policy and are in charge of issuing government debt, which some see as a conflict of interest as your incentives might be to keep borrowing costs low for the government when inflation argues for higher rates. Should that change? SUBBARAO: I believe not. The RBI has a much wider mandate than most other central banks.
For the BSP’s part we developed the “Integrated Regional Information System” (IRIS) which allows the branches of banks in the countryside to conduct electronic transactions with BSP such as cash deposit, withdrawal, FX purchase, peso exchange, and rediscounting of loans and payments.