At the same time, with gradual opening up of the economy and development of domestic financial markets, the operational framework of the RBI also changed considerably with clearer articulation of policy goals and more and more public dissemination of vast amount of data relating to its operations. In fact, during the recent period, the RBI enjoys considerable instrument independence for attaining monetary policy objectives.
Many other central banks limit their dealing to banks or selected groups of primary dealers. The daily routine in market operations is fairly straightforward. The Bank’s dealing intentions are announced at 9.30 am each morning, dealing is completed over the subsequent half hour, and details of dealings are published at around 10.15 am.