In recent times, the Reserve Bank has been leading the effort towards financial inclusion and financial literacy with the aim of eventually providing all households in the country meaningful access to the formal financial sector. Autonomy and accountability 7. My second introductory comment is about autonomy and accountability. Neither the RBI Act nor any rules lay down a formal accountability mechanism.
This has reduced the long-term cost of borrowing and made easier the task of the single monetary authority. Within the framework of the Treaty and the provisions set in place to implement the Stability and Growth Pact, national governments exchange views, agree on general guidelines and policy recommendations, and share frank assessments.