India should have monetary policy committee: Subbarao

subbarao-reddy-rbi

Duvvuri Subbarao, the governor of the Reserve Bank of India, on Monday said the central bank "should be moving towards an MPC [monetary policy committee] system" and that "law-backed autonomy" would be necessary for this to happen.

Assuring listeners that the government has not interfered so far with the central bank's functional autonomy, Subbarao made a case for its "legally-backed formal autonomy" during a meeting of the Central Bank Governance Group in Basel, Switzerland.

The governor

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