The Governor’s rank in the government hierarchy is not defined but it is generally agreed that decisions will only be explained only to the Prime Minister and the Finance Minister. There is an informal understanding in India that the Governor has the room to make needed decisions.
In the interests of macroeconomic stability, none of this should be changed, though if these issues are ever revisited, there may  BIS central bankers’ speeches  5  be some virtue in explicitly setting the Governor’s rank commensurate with her position as the most important technocrat in charge of economic policy in the country.