A debate on the regulatory ambit of a central bank: RBI is not alone in the battle

My new piece in Mint newspaper.

The Supreme Court recently called RBI’s circular on banking regulation as “ultra vires”. In the article, I bring insights from a recent speech by Ignazio Angeloni, Member of the Supervisory Board of the ECB. Mr Angeloni mentions that one of ECB’s proposals to increase bank capital was also questioned by European Parliament! Thus, there are parallels with Indian case. Mr Angeloni raises the debate further arguing for Supervisory independence much like monetary policy independence.

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