Tuesday, November 22, 2016

RBI's core Purpose, Values, and Vision

As all of you, I too grew up hearing the name Reserve Bank of India. It is a huge imposing building in Hyderabad. I had been there a few times to meet my school friends who were lucky enough to get cushy jobs. From time to time I also came to know of the Governors and listened to them. It was somehow comforting to know that there is an institution called RBI which will safe gaurd my financial interest.
Sadly but truly, I never wondered what all does RBI do!

With all the hullabaloo about Demonetization going on and Reserve Bank of India's role in it, I was suddenly aware of the fact that I know precious little about its objectives and responsibilities. Quickly I opened the website of RBI and here is what I found:
RBI's Core Purpose, Values and Vision:
Core Purpose
To foster monetary and financial stability conducive to sustainable economic growth and to ensure the development of an efficient and inclusive financial system.
The Core Purpose reflects the Reserve Bank’s commitment to the Nation:
  • To foster confidence in the internal and external value of the rupee, and contribute to macro-economic stability;
  • To regulate markets and institutions under its ambit to ensure financial system stability and consumer protection;
  • To promote the integrity, efficiency, inclusiveness and competitiveness of the financial and payments system;
  • To ensure efficient management of currency as well as banking services to the Government and banks; and
  • To support the balanced, equitable and sustainable economic development of the country.
The Reserve Bank of India commits itself to the following shared values that guide organisational decisions and employee actions in pursuit of the Bank’s core purpose:
  • Public interest
  • The Reserve Bank of India, in its actions and policies, seeks to promote the public interest and the common good.
  • Integrity and Independence of Views
  • The Reserve Bank of India seeks to maintain the highest standards of integrity and independence of views through openness, trust and accountability.
  • Responsiveness and Innovation
  • The Reserve Bank of India seeks to be a dynamic organisation responsive to public needs and encourages innovation and a spirit of enquiry.
  • Diversity and Inclusiveness
  • The Reserve Bank of India cherishes and supports diversity and inclusiveness.
  • Introspection and Pursuit of Excellence
The Reserve Bank of India is committed to self-appraisal, introspection and professional excellence. 

The Reserve Bank of India is committed to pursue the public interest and common good as a leading central bank that is recognised for its credible, transparent and proactive policies.
The above passage is the verbatim transcript from RBI's website - www.rbi.org.in

In the last 15 days, what all we are witnessing as a consequence of Demonetisation, do you think the Reserve Bank of India is living up to its values, and is the vision still clear in fulfilling its core purpose? Judge for yourself...

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