{"id":53138,"date":"2017-01-15T08:28:00","date_gmt":"2017-01-15T08:28:00","guid":{"rendered":"http:\/\/greattelangaana.com\/english\/?p=53138"},"modified":"2017-01-15T08:31:36","modified_gmt":"2017-01-15T08:31:36","slug":"rbi-lost-its-reputation","status":"publish","type":"post","link":"https:\/\/greattelangaana.com\/english\/rbi-lost-its-reputation\/","title":{"rendered":"RBI lost its reputation"},"content":{"rendered":"<p style=\"text-align: justify;\">Yaga Venugopal Reddy popular as YV Reddy is a man of few words, but his words carry a lot of weight \u2014 especially in the world of finance. The veteran in finance and finance policies was against the decision of demonetisation and also the way it was implemented.<\/p>\n<p style=\"text-align: justify;\">The soft-spoken former governor of Reserve Bank of India chose strong words to describe the state of play at the central bank. The \u201cinstitutional identity of the RBI has been damaged\u201d and it is facing \u201creputational risk\u201d, Reddy told a television news channel in Hyderabad, referring to demonetisation \u2014 the way the decision was made and handled.Members of the ruling dispensation cannot brush aside Reddy\u2019s criticism under the pretext that he was a policy maker who benefitted from the patronage of the Congress.<\/p>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-53140\" src=\"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2017\/01\/ddy_2496660f.jpg\" alt=\"Reddy\" width=\"630\" height=\"419\" \/><\/p>\n<p style=\"text-align: justify;\">A major part of his 11-year stint at the RBI \u2014 first as deputy governor and then as governor \u2014 was under the NDA government.<\/p>\n<p style=\"text-align: justify;\">Also, Reddy doesn\u2019t have a reputation for speaking out of turn. If he has chosen not to sit it out, there is reason to believe the credibility of the RBI has been seriously undermined.<\/p>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-53141\" src=\"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2017\/01\/india-currency-overha_kuma759.jpg\" alt=\"Reddy\" width=\"624\" height=\"347\" \/><\/p>\n<p style=\"text-align: justify;\">The note-ban decision is perhaps the biggest disruption India\u2019s financial system has seen since Independence. Yet, it emerges now that the decision was taken by the government and not the RBI, although decisions such as demonetisation fall in the domain of the latter, which is a constitutional entity.<\/p>\n<p style=\"text-align: justify;\">Worse, according to the RBI\u2019s own admission made before a parliamentary committee, the central bank was given just a day\u2019s notice to execute the decision.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yaga Venugopal Reddy popular as YV Reddy is a man of few words, but his words carry a lot of weight \u2014 especially in the world of finance. The veteran in finance and finance policies was against the decision of demonetisation and also the way it was implemented. The soft-spoken former governor of Reserve Bank [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":53139,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2],"tags":[26669,4270,306,14256,14772,11221,26670,2732,26668,4268,26667,26666],"class_list":["post-53138","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politicalnews","category-top-stories","tag-biggest-disruption-india","tag-central-bank","tag-congress","tag-demonetisation","tag-deputy-governor","tag-independence","tag-indias-financial-system","tag-nda-government","tag-note-ban-decision","tag-reserve-bank-of-india","tag-world-of-finance","tag-yv-reddy"],"jetpack_featured_media_url":"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2017\/01\/Untitled-1-copy-32.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/53138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/comments?post=53138"}],"version-history":[{"count":0,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/53138\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media\/53139"}],"wp:attachment":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media?parent=53138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/categories?post=53138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/tags?post=53138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}