Has independence of RBI compromised due to demonetization.
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The recent demonetization drive announced by Prime Minister Mr. Narendra Modi along with Finance Ministry has raised questions about the autonomy of RBI. The demonetization announcement was taken without the consultation of RBI and this led to press releases and statements by bank unions stating that independence of RBI has been compromised. The main factors questioning the independence of RBI in the demonetization drive include conflict in statements between Finance ministry and RBI, reversal of demonetization rules, lack of effective communication on deadline of cash crunch, no reports of RBI on demonetization consequences etc.
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