THE STORY OF THE RESERVE BANK OF INDIA (HB)

Raghuram Rajan, the former
governor of the Reserve Bank of India (RBI), had once famously remarked, ‘We
are neither hawks, nor doves, we are owls.’ However, the RBI is not an
ordinary owl. It’s a very wise owl with immense powers and
responsibilities.There can be no argument that the RBI is not only among the
very few islands of excellence when it comes to the institutions of the
government of India, but also worthy of pre-eminence among all the other
national banks in the world. Often described as the most conservative
institution in India, this moniker has served the RBI well at all times. In
recent years, however, the controversies like personality-driven narratives
and some policy decisions such as demonetization, in which the RBI may or may
not have had a big say, have come under intense media scrutiny. This trend is
not new, though. Through its more than eight decades of history, and
twenty-four governors, right from Osborne Smith to Urjit Patel, the RBI has
always faced constant pressure from different governments to prioritize
growth over monetary and economic stability.The Story of the Reserve Bank of
India documents the origins and evolution of the Reserve Bank of India, by
analysing its leadership, its autonomy, its ‘political economy’ and its role
in financial development. The book also explores the impact various governors
have had in shaping the institution and its relationship with the government,
especially the ministry of finance, in shaping India’s economic policy.With
in-depth research and wide-ranging accounts by leading economists, experts
and former RBI governors and officials, this is the most impactful book ever
written on the RBI.