Gita Gopinath says RBI should have done better during demonetisation
Gita Gopinath, the acclaimed economist from Harvard University and Kerala chief minister’s financial advisor agreed that the RBI should have done better with communication to the public post demonetisation.
She told NDTV’s Walk The Talk programme, “There could have more regular communication with the public than what has happened. There could have more transparency on how this particular policy would affect people…He(Urjit Patel) is terrific. In fact, I was very happy for him being appointed the RBI Governor…I would only encourage him to speak up little more frequently than we’ve heard from him and to have more clarity on how this policy is going to play out.”
The RBI had issued nearly 70 rules during the 50-day note ban time with the central bank becoming a subject of huge social media mockery. Many said that this was due to the Modi government’s pressurising tactics and the former RBI governor Raghuram Rajan, wouldn’t have let the dispensation play with the reputation of the institution.
The RBI had also been accused of printing notes with so many errors, which reports suggest would undermine the stated objective of fighting counterfeit currencies in the country. The federal bank clarified by pointing out the haste in which they were forced to print new notes.