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This editorial is based on the news “Changing central bank mandates” which was published in The Financial Express. The article highlights the role of central banks in devising monetary policy and explores whether central banks can be assigned other functions.
Functions of RBI: It is the regulator of banks, the banker to the government, the manager of currency, government debt & foreign exchange, and also must facilitate financial inclusion. |
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The history of central bank mandates suggests it is best to have single mandates. However, the developments in the last few years suggest central banks have to be flexible not just in terms of inflation targets but in their overall approach as well.
Also Refer: Asset Quality Of Indian Banks Improves To Decadal High
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