The Reserve Bank of India, like any institution of scale and consequence, is not without its flaws. It has faced criticism over the years for occasional opacity, institutional inertia, and lapses in regulatory foresight. Some of those critiques are neither invalid nor unexpected. But to conflate imperfection with irrelevance is a fundamental misreading of the RBI’s institutional role.A recent commentary characterising the RBI’s supervision as procedural theatre and disconnected from modern financial realities misjudges both the complexity of regulation and the function of oversight in a rapidly evolving financial ecosystem.
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