Comments
Demonetisation has undermined the Reserve Bank of India’s reputation for competence and independence, even as it remains a credible institution, Standard & Poor’s Director Kyran Curry said on Wednesday.
The slow replacement of the abolished currency has sparked a shortage of cash that has hit large parts of the economy, and the RBI and government have had to subsequently announce a series of ad hoc measures to ease the impact of the measure.
Former Prime Minister Manmohan Singh had also questioned the RBI’s independence for agreeing to implement the action without much preparation.
Curry, in a teleconference with media, said demonetisation had undermined confidence in the predictability and effectiveness of policy making in India, including of the RBI.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.