In recent RBI history, some
highlights: smooth transition to Basel regulations and efficient monetary
policy under Bimal Jalan and Rangarajan, global aplomb post-recession under YV
Reddy, preventing hyperinflation by Subbarao and taming of the NPAs by Raghuram
Rajan. These achievements have put the RBI in prime position among central
banks of the world. But the utter lack of planning and monumental mismanagement
post-demonetisation by the same institution have tarnished its image.
Banking operations other than
currency operations in the country have almost come to a halt, barring
exceptions. Credit is on a downturn. All the rating agencies, including Nomura,
have down-rated the economic growth. The road to recovery sans GST is going to
be difficult.
