Finally, central bank communication is important for the institution to learn, listen and understand. This is a lesson that we have taken to heart in the Reserve Bank. I am referring here not to the standard one way oral or written communication but to two way communication between the central bank and its stakeholders, with the central bank remaining largely in a listening mode.
During our platinum jubilee last year, we launched the “outreach” programme whereby all of us in the senior management together with our field office staff and accompanied by senior functionaries of commercial banks visited remote villages across the country. This was an immensely rewarding learning experience in several ways.