Indian reserve bank deputy emphasises regulatory role
Rakesh Mohan, deputy governor of the Reserve Bank of India, has stressed the importance of central banks’ role in financial regulation.
In a speech given last week, Mohan said: “As we observed the severe costs of financial instability elsewhere, financial stability has ascended the hierarchy of monetary policy objectives since the second half of the 1990s. Accordingly, we believe that regulation, supervision and development of the financial system remain within the legitimate ambit of monetary policy, broadly interpreted.”
Mohan considers the central bank’s regulatory work to have aided India’s recent run of strong economic
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