The RBI, however, has to accept the responsibility for all its decisions and actions, while being generally conscious of the impact of its articulation and actions on the credibility for central banks operations. The Government, for its part, recognises the dilemmas posed to RBI, and accord significant weight to central bank’s judgements.
In sum, de jure, RBI has not been accorded autonomy on par with recent trends in some of the industrialised as well as emerging economies; but, de facto, the experience reflects a growing degree of autonomy.